Featured Product

    BIS and Saudi G20 Presidency Announce TechSprint Winners

    October 06, 2020

    BIS Innovation Hub and Saudi G20 Presidency announced winners of the G20 TechSprint challenge at the conclusion of the Enabling Regulatory and Supervisory Solutions for the Digital Era symposium. The symposium was hosted by the SAMA Governor Dr. Ahmed Alkholifey and the BIS Innovation Hub Head Benoît Cœuré. The winners, chosen by an independent panel of experts, addressed one or more of the three problem topics: dynamic information-sharing, monitoring and surveillance, and regulatory reporting. The winners have been invited to showcase their submissions at the Singapore FinTech Festival, a virtual event scheduled for December 07-11, 2020.

    The following three solutions were decided as winners:

    • ISDA-REGnosys won the regulatory reporting challenge for its solution "Consistent Regulatory Reporting via the Common Domain Model."
    • FNA won the dynamic information-sharing category for its solution "FNA Platform for Dynamic Information Sharing and Real-Time Analytics (FNA Platform)."
    • Tookitaki won in the monitoring and surveillance category for its solution "Crypto-currency AML Typology Repository Management."

    The hackathon-style competition was launched in April to highlight the potential for technology to resolve regulatory compliance (regtech) and supervisory (suptech) challenges. The symposium was part of the Saudi G20 Presidency's program for digital era supervisory and regulatory issues. It comprised two sessions, with the first offering a platform for the final TechSprint prizewinners to share their solutions. The second tackled problems facing supervisors and financial institutions. Participants included central bank governors, deputies, heads of international and regional financial bodies, and private-sector experts. TechSprint was a joint initiative of the BIS Innovation Hub and the Saudi G20 Presidency to showcase the potential for new innovative technologies to resolve operational problems in the areas of regulatory compliance and supervision. It was implemented with the support of MAS, SAMA, FSB, API Exchange (APIX), and Regtech for Regulators Accelerator (R2A).

     

    Related Links

    Keywords: International, Middle East and Africa, Saudi Arabia, Banking, G20, TechSprint, Fintech, Regtech, Suptech, Reporting, SAMA, BIS Innovation Hub, BIS

    Featured Experts
    Related Articles
    News

    Regulators Fine Goldman Sachs for Risk Management Failures

    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).

    October 23, 2020 WebPage Regulatory News
    News

    Canada Hosts International Conference of Banking Supervisors

    BCBS announced that OSFI and the Bank of Canada hosted the 21st International Conference of Banking Supervisors (ICBS) virtually on October 19-22, 2020.

    October 22, 2020 WebPage Regulatory News
    News

    FCA Proposes More Measures to Help Insurance Customers Amid Crisis

    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.

    October 21, 2020 WebPage Regulatory News
    News

    EBA Issues Opinion to Address Risk Stemming from Legacy Instruments

    EBA issued an opinion on prudential treatment of the legacy instruments as the grandfathering period nears an end on December 31, 2021.

    October 21, 2020 WebPage Regulatory News
    News

    ESRB Publishes Non-Bank Financial Intermediation Risk Monitor for 2020

    ESRB published the fifth issue of the EU Non-bank Financial Intermediation Risk Monitor 2020 (NBFI Monitor).

    October 21, 2020 WebPage Regulatory News
    News

    HM Treasury Publishes Policy Statement Amending Benchmarks Regulation

    HM Treasury announced that the new Financial Services Bill has been introduced in the Parliament.

    October 21, 2020 WebPage Regulatory News
    News

    APRA Initiates Action Against a Bank for Liquidity Compliance Breach

    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.

    October 21, 2020 WebPage Regulatory News
    News

    PRA Consults on Implementation of Certain Provisions of CRD5 and CRR2

    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).

    October 20, 2020 WebPage Regulatory News
    News

    US Agencies Finalize Rule to Reduce Impact of Large Bank Failures

    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).

    October 20, 2020 WebPage Regulatory News
    News

    US Agencies Finalize Rule on Net Stable Funding Ratio Requirements

    US Agencies (FDIC, FED, and OCC) adopted a final rule that implements the net stable funding ratio (NSFR) for certain large banking organizations.

    October 20, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 6004