Featured Product

    BIS and G20 Launch TechSprint Initiative to Address Regtech Challenges

    April 29, 2020

    The BIS Innovation Hub and the Saudi G20 Presidency launched a G20 TechSprint Initiative to realize the potential for new technologies to resolve regtech and suptech challenges. The Innovation Hub and G20 have published problem statements that identify challenges in regulatory reporting, analytics, and monitoring and supervision. TechSprint is supporting the regulatory and supervisory responses against the COVID-19 pandemic. This hackathon-style competition is also supported by MAS, SARB, FSB, API Exchange (APIX), and the Regtech for Regulators Accelerator.

    This initiative will enable central banks and financial regulators to collaborate with fintech firms on technology solutions to strengthen regulatory and supervisory practices. The BIS Innovation Hub, through its Singapore Center, and the Saudi G20 Presidency have published high-priority regtech or suptech operational problems and invited private firms to develop innovative technological solutions. Selected participants will be invited to present their proposals in a virtual TechSprint Touchpoint workshop for national authorities and other stakeholders in July 2020 and the winners will be announced in October 2020. The problem statements identify challenges in regulatory reporting, analytics, and monitoring and supervision:

    • Regulatory reporting and compliance. This covers the upstream solutions and tools that would enable regulators to easily prepare and transmit machine-readable and machine-executable regulations to their regulated entities. This should result in greater regulatory compliance, lower regulatory burden and cost, improved data quality and consistency in regulatory reporting, and more timely surveillance by the regulatory authorities. Solutions should be deployable at least within a jurisdiction and configurable for deployment across multiple jurisdictions, especially in areas of regulation where there are internationally accepted and harmonized data requirements. Solutions could also include the development of a common code repository shared between the regulators and regulated entities to push and pull required regulatory reports or data via authorized application programming interfaces (APIs).
    • Utilizing innovation to support efforts in response to COVID-19 pandemic. In this context, the problem states whether a technological solution can be developed to facilitate the sharing of critical information among regulators and supervisors. The solution should offer a comprehensive overview of the measures undertaken within and across jurisdictions in terms of the regulatory and supervisory responses, categorized across different components of the financial system. An ideal solution would incorporate user-friendly interface, with a searchable database on supervisory and regulatory measures in place, and dashboarding tools that would allow for context and customization based on differing user requirements. Solutions that take advantage of machine learning to increase the speed of accurately filtering between noise and signals would aid effective monitoring of market developments, especially in these critical moments.
    • Monitoring money laundering and terrorist financing risks. This solution should answer the question on whether artificial intelligence, machine learning, data visualization tools, and other technologies help financial institutions conduct better monitoring and report suspicious activities in more timely and accurate manner to address money laundering/terrorist financing risks as well as help crypto assets service providers comply with the anti-money laundering and combating the financing of terrorism (AML/CFT) regulations. A particular area of interest would be tools to monitor against AML/CFT risks at the main fiat-to-crypto conversion gateways.

    The initiative recognizes that regulators and supervisors require the tools to identify vulnerabilities and share information domestically and across borders in real time. Private firms can compete and develop innovative solutions to these problems using the cloud-based APIX platform that facilitates registration, prototype building, and online judging of submissions. This will enable solution providers to utilize a custom-built environment to integrate application programming interface to build and deploy prototypes for solving the challenge statements. An independent expert panel organized and sponsored by the Saudi G20 Presidency will choose these firms and identify the most promising solutions.

     

    Related Links

    Keywords: International, Asia Pacific, Singapore, Banking, Regtech, Fintech, Suptech, COVID-19, TechSprint, BIS Innovation Hub, G20, API, Reporting, MAS

    Featured Experts
    Related Articles
    News

    EBA Updates List of Validation Rules for Reporting by Banks

    EBA issued a revised list of validation rules with respect to the implementing technical standards on supervisory reporting.

    September 10, 2020 WebPage Regulatory News
    News

    EBA Responds to EC Call for Advice to Strengthen AML/CFT Framework

    EBA published its response to the call for advice of EC on ways to strengthen the EU legal framework on anti-money laundering and countering the financing of terrorism (AML/CFT).

    September 10, 2020 WebPage Regulatory News
    News

    NGFS Advocates Environmental Risk Analysis for Financial Sector

    NGFS published a paper on the overview of environmental risk analysis by financial institutions and an occasional paper on the case studies on environmental risk analysis methodologies.

    September 10, 2020 WebPage Regulatory News
    News

    MAS Issues Guidelines to Promote Senior Management Accountability

    MAS published the guidelines on individual accountability and conduct at financial institutions.

    September 10, 2020 WebPage Regulatory News
    News

    APRA Formalizes Capital Treatment and Reporting of COVID-19 Loans

    APRA published final versions of the prudential standard APS 220 on credit quality and the reporting standard ARS 923.2 on repayment deferrals.

    September 09, 2020 WebPage Regulatory News
    News

    SRB Chair Discusses Path to Harmonized Liquidation Regime for Banks

    SRB published two articles, with one article discussing the framework in place to safeguard financial stability amid crisis and the other article outlining the path to a harmonized and predictable liquidation regime.

    September 09, 2020 WebPage Regulatory News
    News

    FSB Workshop Discusses Preliminary Findings of Too-Big-To-Fail Reforms

    FSB hosted a virtual workshop as part of the consultation process for its evaluation of the too-big-to-fail reforms.

    September 09, 2020 WebPage Regulatory News
    News

    ECB Updates List of Supervised Entities in EU in September 2020

    ECB updated the list of supervised entities in EU, with the number of significant supervised entities being 115.

    September 08, 2020 WebPage Regulatory News
    News

    OSFI Identifies Focus Areas to Strengthen Third-Party Risk Management

    OSFI published the key findings of a study on third-party risk management.

    September 08, 2020 WebPage Regulatory News
    News

    FSB Extends Implementation Timeline for Framework on SFTs

    FSB is extending the implementation timeline, by one year, for the minimum haircut standards for non-centrally cleared securities financing transactions or SFTs.

    September 07, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5796