BIS Publishes Update on G20 TechSprint Initiative
BIS published an update on the G20 TechSprint Initiative, which was launched in April 2020 and aims to highlight the potential for technologies to resolve regulatory compliance (regtech) and supervisory (suptech) challenges. Out of 128 submissions from 35 countries, twenty teams had been shortlisted in the hackathon-style competition. The event held on August 06-07, 2020 gave the shortlisted teams an opportunity to demonstrate their solutions to a panel of independent judges and receive feedback before the final judging, which is scheduled for October 2020. The shortlisted solutions included those from companies such as BearingPoint Software Solutions, BlockFundChain, Business Reporting—Advisory Group, Financial Network Analytics (two teams), ITC Forward Innovation, RegCentric, REGnosys, Suade Labs, UnBlock Analysis, and Wolters Kluwer.
Together with the Saudi G20 Presidency and the BIS Innovation Hub, the G20 TechSprint initiative is also supported by MAS, FSB, API Exchange and the RegTech for Regulators Accelerator. In G20 TechSprint, members of FSB were polled to identify high priority areas in the fields of regtech and suptech. The most compelling problem statements have been selected. The problem statements identify challenges in regulatory reporting, analytics, and monitoring and supervision. Participants were invited to develop innovative solutions to address any of these problem statements. Taking place against the backdrop of the COVID-19 global pandemic, the G20 TechSprint initiative recognizes that financial regulators and supervisors will continue to ensure that the global financial system operates in a stable, efficient, and inclusive manner. The initiative also recognizes that regulators and supervisors require the tools to identify vulnerabilities and share information domestically and across borders in real time, and competitors are encouraged to develop solutions that will support this process.
Related Link: BIS Press Release
Keywords: International, Banking, G20, Regtech, Suptech, TechSprint, Fintech, COVID-19, Reporting, BIS Innovation Hub, BIS
Featured Experts
María Cañamero
Skilled market researcher; growth strategist; successful go-to-market campaign developer
Victor Calanog, Ph.D.
Leading economist; commercial real estate; performance forecasting, econometric infrastructure; data modeling; credit risk modeling; portfolio assessment; custom commercial real estate analysis; thought leader.
Nicolas Degruson
Works with financial institutions, regulatory experts, business analysts, product managers, and software engineers to drive regulatory solutions across the globe.
Previous Article
APRA to Recommence Prudential Policy Program and License IssuanceNext Article
BNM Extends Moratoria in Response to COVID-19 CrisisRelated Articles
HKMA Finalizes Policy Modules on Group-Wide Approach and Remuneration
The Hong Kong Monetary Authority (HKMA) revised the Supervisory Policy Manual module CG-5 that sets out guidelines on a sound remuneration system for authorized institutions.
EBA Guide to Monitor Threshold for Intermediate Parent Undertakings
The European Banking Authority (EBA) published the final guidelines on the monitoring of the threshold and other procedural aspects on the establishment of intermediate parent undertakings in European Union (EU), as laid down in the Capital Requirements Directive (CRD).
PRA Finalizes Approach to Supervision of International Banks
In a recent Market Notice, the Bank of England (BoE) confirmed that green gilts will have equivalent eligibility to existing gilts in its market operations.
FCA Issues PS21/9 on Implementation of Investment Firms Regime
The Financial Conduct Authority (FCA) published the policy statement PS21/9 on implementation of the Investment Firms Prudential Regime.
EBA Proposes Regulatory Standards to Identify Shadow Banking Entities
The European Banking Authority (EBA) proposed regulatory technical standards that set out criteria for identifying shadow banking entities for the purpose of reporting large exposures.
IOSCO Proposes Recommendations on ESG Ratings and Data Providers
The Board of the International Organization of Securities Commissions (IOSCO) proposed a set of recommendations on the environmental, social, and governance (ESG) ratings and data providers.
ESMA Group Issues Recommendations on RFR Switch in Interdealer Market
The European Securities and Markets Authority (ESMA) published recommendations from the Working Group on Euro Risk-Free Rates (RFR) on the switch to risk-free rates in the interdealer market.
ECB Study Assesses Impact of Basel III Finalization Package
The European Central Bank (ECB) published a paper as well as an article in the July Macroprudential Bulletin, both of which offer insights on the assessment of the impact of Basel III finalization package on the euro area.
ISDA Finds FRTB Results in Higher Capital Charges for Carbon Trading
The International Swaps and Derivatives Association (ISDA) published a paper that explores the impact of the Fundamental Review of the Trading Book (FRTB) on the trading of carbon certificates.
PRA Updates Remuneration Policy Statement Templates and Tables
The Prudential Regulation Authority (PRA) published the remuneration policy self-assessment templates and tables on strengthening accountability.
