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
Leading economist; commercial real estate; performance forecasting, econometric infrastructure; data modeling; credit risk modeling; portfolio assessment; custom commercial real estate analysis; thought leader.
Previous ArticleAPRA to Recommence Prudential Policy Program and License Issuance
Next ArticleBNM Extends Moratoria in Response to COVID-19 Crisis
The Board of Governors of the Federal Reserve System (FED) adopted the final rule on Adjustable Interest Rate (LIBOR) Act.
The European Central Bank (ECB) published an updated list of supervised entities, a report on the supervision of less significant institutions (LSIs), a statement on macro-prudential policy.
The Hong Kong Monetary Authority (HKMA) published a circular on the prudential treatment of crypto-asset exposures, an update on the status of transition to new interest rate benchmarks.
The European Commission (EC) adopted the standards addressing supervisory reporting of risk concentrations and intra-group transactions, benchmarking of internal approaches, and authorization of credit institutions.
The China Banking and Insurance Regulatory Commission (CBIRC) issued rules to manage the risk of off-balance sheet business of commercial banks and rules on corporate governance of financial institutions.
The Hong Kong Monetary Authority (HKMA) made announcements to address sustainability issues in the financial sector.
The European Banking Authority (EBA) published regulatory standards on identification of a group of connected clients (GCC) as well as updated the lists of identified financial conglomerates.
The General Board of the European Systemic Risk Board (ESRB), at its December meeting, issued an updated risk assessment via the quarterly risk dashboard and held discussions on key policy priorities to address the systemic risks in the European Union.
The Financial Conduct Authority (FCA) is seeking comments, until December 21, 2022, on the draft guidance for firms to support existing mortgage borrowers.
The Financial Stability Board (FSB) published a report that assesses progress on the transition from the Interbank Offered Rates, or IBORs, to overnight risk-free rates as well as a report that assesses global trends in the non-bank financial intermediation (NBFI) sector.