FCA held a three-week DataSprint in July and August 2020, bring together 120 participants from across regulated firms, startups, academia, professional services, data scientists, and subject-matter experts. They collaborated on developing high-quality synthetic financial datasets to be used by participants in the forthcoming digital sandbox pilot. The digital sandbox will enable innovative firms to test and develop proofs of concept in a digital testing environment around three use cases related to COVID-19 pandemic. These use cases are detecting and preventing fraud and scams; supporting the financial resilience of vulnerable consumers; and improving access to finance for small and medium-size enterprises.
The creation of a synthetic ecosystem of financial data is a highly ambitious and complex task. During the DataSprint, participants made significant progress in developing data models and typologies, evaluating methodologies, and producing reference data for millions for synthetic individuals and businesses. Over 50 participants have continued working since the sprint, refining and expanding the data assets produced. In the coming weeks, once this work is completed, FCA will open applications for the digital sandbox. The participating organizations included Deloitte, Dun & Bradstreet, Experian, EY, FCA, FinTech Relationship, FinTech Sandpit, Fiola/Finexos, Gensys, Global Open Finance Center of Excellence (GOFCoE), Grant Thornton, Harvard Business School, HSBC, ING, Office for National Statistics, Refinitiv, RegNet, and Santander.
Keywords: Europe, UK, Banking, Insurance, Securities, Cyber Risk, Fintech, Regtech, COVID-19, Data Sprint, Regulatory Sandbox, FCA
Leading economist; commercial real estate; performance forecasting, econometric infrastructure; data modeling; credit risk modeling; portfolio assessment; custom commercial real estate analysis; thought leader.
Previous ArticleESMA Assesses Trends, Risks, and Vulnerabilities in Financial Sector
The European Commission (EC) announced plans to defer the application of 13 regulatory technical standards under the Sustainable Finance Disclosure Regulation (2019/2088) by six months, from January 01, 2022 to July 01, 2022.
The Bank of England (BoE) published a consultation paper on approach to setting minimum requirement for own funds and eligible liabilities (MREL), an operational guide on executing bail-in, and a statement from the Deputy Governor Dave Ramsden.
The European Banking Authority (EBA) is seeking preliminary input on standardization of the proportionality assessment methodology for credit institutions and investment firms.
Certain regulatory authorities in the US are extending period for completion of the review of certain residential mortgage provisions and for publication of notice disclosing the determination of this review until December 20, 2021.
The Prudential Regulation Authority (PRA) published the policy statement PS18/21, which introduces an amendment in the definition of "higher paid material risk taker" in the Remuneration Part of the PRA Rulebook.
The European Banking Authority (EBA) published its annual report on asset encumbrance in banking sector.
The European Banking Authority (EBA) published a methodological guide to mystery shopping.
The Australian Prudential Regulation Authority (APRA) released a letter to authorized deposit-taking institutions to provide an update on key policy settings for the capital framework reforms, which will come into effect from January 01, 2023.
The Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) published a report that assesses the business continuity planning activities of financial market infrastructures or FMIs.
The European Securities and Markets Authority (ESMA) has responded to the IFRS consultation on targeted amendments to the IFRS Foundation constitution to accommodate an International Sustainability Standards Board (ISSB) to set IFRS Sustainability Standards.