MAS announced the launch of a Global Fintech Innovation Challenge, which will seek innovative solutions to help financial institutions respond to the challenges posed by COVID-19 pandemic and climate change. The competition comprises the revamped MAS Fintech awards and the MAS Global Fintech Hackcelerator. It will be hosted entirely on the API Exchange (APIX), a cloud-based innovation platform, which will not only help to source for fintech solutions for specific focus areas but also allow these solutions to be curated, contextualized, and validated.
The MAS Fintech Awards are supported by PwC Singapore and recognize innovative fintech solutions that have been implemented by fintech companies, financial institutions, and solutions providers worldwide. The MAS Global Fintech Hackcelerator matches innovative market-ready solutions with the actual technology needs of the industry and it comprises a Local and an International Program. The Local Program, which is supported by KPMG Digital Village, will publish high-priority problem statements collated from the finance industry in Singapore and globally. A record 107 problem statements were received this year, across four categories: responding to a global pandemic, green finance solutions, green finance enablers, and sustainability. The finalists will be mentored by industry experts to strengthen their proposals and to develop customized prototypes on APIX, which will provide them access to a development sandbox rich in data and Application Programming Interfaces (APIs). The International Program comprises winners of fintech competitions organized by international partners, including the Saudi G20 Presidency, the BIS Innovation Hub, Women’s World Banking, and the United Nations Capital Development Fund (UNCDF). The winners of these partner competitions will be fast-tracked into the finals of the Global FinTech Hackcelerator.
Keywords: Asia Pacific, Singapore, Banking, Insurance, Securities, Fintech, COVID-19, Climate Change Risk, Fintech Innovation Challenge, APIX Platform, ESG, Sustainable Finance, MAS
Leading economist; commercial real estate; performance forecasting, econometric infrastructure; data modeling; credit risk modeling; portfolio assessment; custom commercial real estate analysis; thought leader.
HKMA announced that enhancements will be made to the Special 100% Loan Guarantee of the SME Financing Guarantee Scheme (SFGS) and the application period will be extended to December 31, 2021.
BoE has set out a three-phased plan to transform data collection from the UK financial sector over the next decade.
BIS recently made a couple of announcements with respect to the planned and ongoing work in the area of financial technology.
ESRB updated the list of national macro-prudential measures applied by each member state in the European Economic Area.
BoE has set out results of a survey on the impact of COVID-19 events on the use of machine learning and data science.
In response to a request from the European Council and Parliament, ECB published an opinion on the proposed regulation on markets in crypto-assets.
APRA announced the updated aggregate amounts for the 2021 Committed Liquidity Facility (CLF) established between the Reserve Bank of Australia (RBA) and certain locally incorporated authorized deposit-taking institutions that are subject to the Liquidity Coverage Ratio (LCR).
ECB published supervisory Memorandums of Understanding (MoUs) with UK as well as other European and non-European authorities.
EIOPA identified business model sustainability and adequate product design as the two EU-wide strategic supervisory priorities.
After considering comments received on the November 2020 proposal, US Agencies (FDIC, FED and OCC) are proceeding with the proposed revisions to the reporting forms and instructions for Call Reports FFIEC 031, FFIEC 041, and FFIEC 051.