In the era of digitization, Asian financial institutions are struggling to develop regulatory frameworks as well as recruit and train risk managers. In moderating a panel entitled "The Race to Digitize: An Asian Perspective" under GARP Virtual Risk Convention run by Global Association of Risk Professionals (GARP) on 24 February, our Executive Director Dr King Au set the scene by pointing out that Covid-19 has revolutionized the way financial markets function and companies operate. Using InsurTech as an example, Ms Winnie Wong , FSDC board member and CEO & Executive Director, Asia Insurance and Avo Insurance, digitization could drive sales, empower customers and reduce reliance on labour yet the sector lacks digitally skilled labour. Panelists agreed that regulating technology is a balancing act - technology advances constantly whilst regulatory changes are often incremental; and caution may be exercised for technology adoption in finance amid potential risks such as privacy, reputation and cyber security, etc.