Featured Product

    BIS Announces TechSprint on Innovative Green Finance Solutions

    May 06, 2021

    Under the Italian G20 Presidency, BIS Innovation Hub and the Italian central bank BDI launched the second edition of the G20 TechSprint on the lookout for innovative solutions to resolve operational problems in green and sustainable finance. The Innovation Hub and the Italian G20 Presidency have published problem statements to identify challenges in data collection, verification, and sharing; analyze and assess physical and transition climate risks; and connect projects and investors. The closing date for applications is May 31, 2021. The shortlisted teams will be announced on June 14, 2021 and invited to showcase their prototypes at a workshop in August 2021 for feedback from national authorities and experts. Winners will be announced in October 2021.

    The BIS Innovation Hub, through its Singapore Center, and the Italian G20 Presidency have published three high-priority operational problems and invited private firms to develop innovative technological solutions. The problem statements identify the following challenges, highlighted by submissions from G20 finance ministries and central banks:

    • Data collection, verification, and sharing. A perception of information asymmetry exists in the collection and sharing of environmental data to support environmental risk analysis. This stems from lack of consistent data methods and disclosure regimes, along with a limited verification of self-reported returns that negatively affect confidence in the reliability of aggregated data sets. In this context, the problem statement questions whether technological solutions contribute to a disclosure ecosystem that supports all stakeholders while reducing the disclosure workload and costs for corporates and other reporting entities and respecting data privacy policies in individual countries. It also raises a question whether technological solutions are deployed to aid in better capturing and structuring relevant climate-related (meta)data digitally, including through a "rulebook" that showcases how rules and data requirements can be delivered as code in a consistent, high quality, transparent, comparable, and standardized way, to enhance environmental risk analysis.
    • Analysis and assessment of physical and transition risks. One of the main difficulties facing non-financial corporations and financial corporations alike is the ability to accurately predict the vulnerabilities associated with transition and physical risks posed by climate change. As the world transitions toward climate-neutrality, there is a need to support institutions and relevant stakeholders with tools enabling them to visualize, predict, assess, and monitor transition and physical risks. The problem statement questions whether big data ingestion, predictive analytics, and visualization tools can be developed to aid both regulators and institutions/corporates to better assess and analyze these risks across different regions, sectors, and asset classes.
    • Improvement in connecting projects and investors. The problem statement questions whether technological solutions help connect projects and investors to scale up their impact in a secure way while respecting data privacy policies in individual countries. It further raises a question related to whether technological solutions also be used to effectively track platform performance and outcomes in terms of volume and quality of credit allocation and environmental impact and be deployable across geographies and different states of development.

    Interested participants can compete and develop innovative solutions to address these problems using a dedicated platform, through which Codemotion will facilitate registration and online judging of project proposals, and the IBM Cloud for prototype building. An independent expert panel organized and sponsored by the Bank of Italy will judge the submissions and identify the most promising solutions. 

     

    Related Links

    Keywords: International, Europe, Italy, Banking, Climate Change Risk, Sustainable Finance, Reporting, Disclosures, Fintech, Regtech, Techsprint, G20, Innovation Hub, BDI, BIS

    Featured Experts
    Related Articles
    News

    US Agencies Issue Regulatory Updates, FDIC Launches Tech Sprint

    The Board of Governors of the Federal Reserve System (FED) published the final rule that amends Regulation I to reduce the quarterly reporting burden for member banks by automating the application process for adjusting their subscriptions to the Federal Reserve Bank capital stock, except in the context of mergers.

    January 13, 2022 WebPage Regulatory News
    News

    EBA Issues Guide on Bank Resolvability, Consults on Transferability

    The European Banking Authority (EBA) published its assessment of risks through the quarterly Risk Dashboard and the results of the Autumn edition of the Risk Assessment Questionnaire (RAQ).

    January 13, 2022 WebPage Regulatory News
    News

    MFSA Publishes CRD5 Updates and Supervisory Priorities for 2022

    The Malta Financial Services Authority (MFSA) updated the guidelines on supervisory reporting requirements under the reporting framework 3.0.

    January 13, 2022 WebPage Regulatory News
    News

    HKMA Extends Repayment for Trade Facilities, Consults on Crypto-Assets

    The Hong Kong Monetary Authority (HKMA) published a circular, along with the reporting form and instructions, for self-assessment, by authorized institutions, of compliance with the Code of Banking Practice 2021.

    January 12, 2022 WebPage Regulatory News
    News

    FCA Registers Securitization Repositories; PRA Issues 2022 Priorities

    The Financial Conduct Authority (FCA) decided to register European DataWarehouse Ltd and SecRep Limited as securitization repositories under the UK Securitization Regulation, with effect from January 17, 2022.

    January 12, 2022 WebPage Regulatory News
    News

    EC Regulation Sets Out Methods for Measuring K-Factors Under IFR

    The European Commission (EC) published the Delegated Regulation 2022/25, which supplements the Investment Firms Regulation (IFR or Regulation 2019/2033) with respect to the regulatory technical standards specifying the methods for measuring the K-factors referred to in Article 15 of the IFR.

    January 11, 2022 WebPage Regulatory News
    News

    BIS Studies How Platform Models Impact Financial Stability & Inclusion

    The Bank of International Settlements (BIS) published a paper that assesses the ways in which platform-based business models can affect financial inclusion, competition, financial stability and consumer protection.

    January 10, 2022 WebPage Regulatory News
    News

    CBE Issues Additional Measures to Ease Disruptions from Pandemic

    The Central Bank of Egypt (CBE) published a circular with instructions on emergency liquidity assistance to banks that are unable to meet their liquidity requirements.

    January 10, 2022 WebPage Regulatory News
    News

    ESAs Publish List of Financial Conglomerates for 2021

    The European Supervisory Authorities (ESAs) published the list of identified financial conglomerates for 2021.

    January 07, 2022 WebPage Regulatory News
    News

    APRA Licenses Two More Banks, Reduces Committed Liquidity Facility

    The Australian Prudential Regulation Authority (APRA) updated the list of authorized deposit-taking institutions, granting license to Barclays Bank PLC and Crédit Agricole Corporate and Investment Bank to operate as foreign authorized deposit-taking institutions under the Banking Act 1959.

    January 07, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 7866