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

    BIS Examines Use of Big Data and Machine Learning at Central Banks

    BIS published a paper that provides an overview on the use of big data and machine learning in the central bank community.

    March 04, 2021 WebPage Regulatory News
    News

    APRA Finalizes Reporting Standard for Operational Risk Requirements

    APRA finalized the reporting standard ARS 115.0 on capital adequacy with respect to the standardized measurement approach to operational risk for authorized deposit-taking institutions in Australia.

    March 03, 2021 WebPage Regulatory News
    News

    ECB Publishes Guide for Determining Penalties for Regulatory Breaches

    ECB published a guide that outlines the principles and methods for calculating the penalties for regulatory breaches of prudential requirements by banks.

    March 02, 2021 WebPage Regulatory News
    News

    MAS Sets Out Good Practices to Manage Operational Risks Amid COVID

    MAS and The Association of Banks in Singapore (ABS) jointly issued a paper that sets out good practices for the management of operational and other risks stemming from new work arrangements adopted by financial institutions amid the COVID-19 pandemic.

    March 02, 2021 WebPage Regulatory News
    News

    ACPR Announces New Data Collection Application for Banks and Insurers

    ACPR announced that a new data collection application, called DLPP (Datalake for Prudential), for collecting banking and insurance prudential data will go into production on April 12, 2021.

    March 02, 2021 WebPage Regulatory News
    News

    BCB Maintains CCyB at 0%, Initiates First Cycle of Regulatory Sandbox

    BCB announced that the Financial Stability Committee decided to maintain the countercyclical capital buffer (CCyB) for Brazil at 0%, at least until the end of 2021.

    March 02, 2021 WebPage Regulatory News
    News

    EIOPA Launches Study on Non-Life Underwriting Risk in Internal Models

    EIOPA has launched a European-wide comparative study on non-life underwriting risk in internal models, also kicking-off of the data collection phase.

    March 01, 2021 WebPage Regulatory News
    News

    SRB Publishes Overview of Resolution Tools Available in Banking Union

    SRB published an overview of the resolution tools available in the Banking Union and their impact on a bank’s ability to maintain continuity of access to financial market infrastructure services in resolution.

    March 01, 2021 WebPage Regulatory News
    News

    EBA Consults on Pillar 3 Disclosure Standards for ESG Risks Under CRR

    EBA is consulting on the implementing technical standards for Pillar 3 disclosures on environmental, social, and governance (ESG) risks, as set out in requirements under Article 449a of the Capital Requirements Regulation (CRR).

    March 01, 2021 WebPage Regulatory News
    News

    ESAs Issue Advice on KPIs on Sustainability for Nonfinancial Reporting

    ESAs Issue Advice on KPIs on Sustainability for Nonfinancial Reporting

    March 01, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 6655