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
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