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.
Next Article
FED Updates FR Y-14Q Reporting Form and InstructionsRelated Articles
BOE Sets Out Its Thinking on Regulatory Capital and Climate Risks
The Bank of England (BOE) published a working paper that aims to understand the climate-related disclosures of UK financial institutions.
OSFI Finalizes on Climate Risk Guideline, Issues Other Updates
The Office of the Superintendent of Financial Institutions (OSFI) is seeking comments, until May 31, 2023, on the draft guideline on culture and behavior risk, with final guideline expected by the end of 2023.
BIS Paper Examines Impact of Greenhouse Gas Emissions on Lending
BIS issued a paper that investigates the effect of the greenhouse gas, or GHG, emissions of firms on bank loans using bank–firm matched data of Japanese listed firms from 2006 to 2018.
HMT Mulls Alignment of Ring-Fencing and Resolution Regimes for Banks
The HM Treasury (HMT) is seeking evidence, until May 07, 2023, on practicalities of aligning the ring-fencing and the banking resolution regimes for banks.
BCBS Report Examines Impact of Basel III Framework for Banks
The Basel Committee on Banking Supervision (BCBS) published results of the Basel III monitoring exercise based on the June 30, 2022 data.
PRA Consults on Prudential Rules for "Simpler-Regime" Firms
Among the recent regulatory updates from UK authorities, a key development is the first-phase consultation, from the Prudential Regulation Authority (PRA), on simplifications to the prudential framework that would apply to the simpler-regime firms.
DNB Publishes Multiple Reporting Updates for Banks
DNB, the central bank of Netherlands, updated the list of additional reporting requests and published additional data quality checks and XBRL-Formula linkbase documents for the first quarter of 2023.
NBB Sets Out Climate Risk Expectations, Issues Reporting Updates
The National Bank of Belgium (NBB) published a communication on climate-related and environmental risks, issued an update on XBRL reporting
EBA Updates Address Securitization Standards and DGS Guidelines
The European Banking Authority (EBA) published the final draft of the regulatory technical standards that set out conditions for assessment of homogeneity of the underlying exposures in simple, transparent, and standardized (STS) securitizations.
FSB Publishes Letter to G20, Sets Out Work Priorities for 2023
The Financial Stability Board (FSB) published a letter intended for the G20 Finance Ministers and Central Bank Governors, highlighting the work that FSB will take forward under the Indian G20 Presidency in 2023
