BIS and MAS launched the BIS Innovation Hub Center in Singapore. Out of the two initial projects of the Hub, one will be focused on framework related to trusted digital identities and the other aims to connect regulators with technology solution providers. The launch of the Hub took place on the sidelines of the 2019 Singapore FinTech Festival (SFF) and the Singapore Week of Innovation and TeCHnology (SWITCH), which come together for the first time as SFF x SWITCH from November 11 to 15. Sustainability and Climate Change is the overarching theme of the combined conference this year, given the growing calls for the technology and financial sectors to be enablers and change agents for sustainability.
The Hub in Singapore will initially focus on two projects. The first project is to establish a framework for public digital infrastructures on identity, consent, and data sharing. Trusted digital identities for individuals and corporates is a foundational public good that supports the development of inclusive digital financial services including payments as well as other transactions in the broader digital economy. The second project is to create a digital platform connecting regulators and supervisors with digital and technology solution providers. Through the platform, central banks can put up regulatory problems and challenges to source solutions from the fintech community. This will help central banks develop innovative solutions and policies for cost-effective regulation and supervision.
The BIS Innovation Hub will foster innovation and greater collaboration among the global central banking community, will enhance the understanding of financial technology, and aid development of innovative solutions to benefit and enhance the financial system. The BIS has also recently established Hub Centres in Hong Kong SAR and Switzerland. Together, the Centers will identify and develop in-depth insights into critical trends in technology affecting central banking, develop public goods in the technology space to improve the functioning of the global financial system, and serve as a focal point for a network of central bank experts on innovation.
Related Link: BIS Press Release
Keywords: International, Asia Pacific, Singapore, Fintech, Regtech, Innovation Hub, Singapore Fintech Festival, SWITCH, Climate Change Risk, Sustainable Finance, MAS, BIS
FCA and PRA in the UK, FED in the US, and the authorities in Singapore have fined Goldman Sachs for risk management failures in connection with the 1Malaysia Development Berhad (1MDB).
BCBS announced that OSFI and the Bank of Canada hosted the 21st International Conference of Banking Supervisors (ICBS) virtually on October 19-22, 2020.
FCA proposed guidance on how firms should continue to seek to help customers who hold insurance and premium finance products and may be in financial difficulty because of COVID-19, after October 31, 2020.
EBA issued an opinion on prudential treatment of the legacy instruments as the grandfathering period nears an end on December 31, 2021.
ESRB published the fifth issue of the EU Non-bank Financial Intermediation Risk Monitor 2020 (NBFI Monitor).
HM Treasury announced that the new Financial Services Bill has been introduced in the Parliament.
APRA announced that it has increased the minimum liquidity requirement of Bendigo and Adelaide Bank for failing to comply with the prudential standard on liquidity.
PRA published the consultation paper CP17/20 to propose changes to certain rules, supervisory statements, and statements of policy to implement elements of the Capital Requirements Directive (CRD5).
US Agencies adopted a final rule that applies to advanced approaches banking organizations and aims to reduce interconnectedness in the financial system as well as to reduce contagion risks associated with the failure of a global systemically important bank (G-SIB).
US Agencies (FDIC, FED, and OCC) adopted a final rule that implements the net stable funding ratio (NSFR) for certain large banking organizations.