The BIS Innovation Hub and Bank of Italy (BDI) announced shortlisted finalists and judges for the G20 green and sustainable finance challenge. The three problem statements for the challenge involve data collection, verification, and sharing; analysis and assessment of transition and physical climate-related risks; and better connecting projects and investors to scale-up their impact. Twenty-one teams have been shortlisted for this initiative, which highlights the potential of new technology to tackle challenges in green and sustainable finance. The shortlisted teams will be invited to showcase their prototypes at a workshop in August and winners will be announced in October 2021.
Eighty-nine teams from more than 25 countries had submitted 99 innovative solutions for these problems using the dedicated Codemotion platform for registration and online judging. The judging panel, organized and sponsored by BDI, includes private and public sector experts in the field of financial sector data and technology. BDI Deputy Governor, Alessandra Perrazzelli, will act as an observer for all problem statements. Using the three problem statements, published in May 2021, the BIS Innovation Hub and BDI had invited the international community of innovators, entrepreneurs, developers, data scientists, and designers to develop innovative technological solutions. According to Paola Giucca, Deputy Head of the Retail Payment Instruments and Services Directorate of the Bank of Italy, the 21 shortlisted teams will receive support from expert mentors in developing their projects and be invited to a touchpoint event to get more feedback. The initiative aims to catalyze private sector energies toward identifying solutions and developing working prototypes through the implementation of innovative technological approaches in green and sustainable finance, paving the way for further innovations with a significant potential impact for citizens and the planet.
Shortlisted Teams by Problem Statement
|Statement 1: Data collection, verification, and sharing||Statement 2: Assessment of physical and transition risks||Statement 3: Better connecting projects and investors|
Keywords: International, Europe, Italy, Banking, Sustainable Finance, Fintech, BIS Innovation Hub, Climate Change Risk, Lending, Techsprint, BDI, BIS
Previous ArticleFSB Initiates Peer Review, Seeks Feedback on Corporate Debt Workouts
APRA issued a letter on the loss-absorbing capacity (LAC) requirements for domestic systemically important banks (D-SIBs) and published a discussion paper, along with the proposed the prudential standards on financial contingency planning (CPS 190) and resolution planning (CPS 900).
The European Commission (EC) launched a call for evidence, until March 18, 2022, as part of a comprehensive review of the macro-prudential rules for the banking sector under the Capital Requirements Regulation (CRR) and Directive (CRD IV).
The Financial Stability Board (FSB) published a report that sets out good practices for crisis management groups.
The Australian Prudential Regulation Authority (APRA) found that Heritage Bank Limited had incorrectly reported capital because of weaknesses in operational risk and compliance frameworks, although the bank did not breach minimum prudential capital ratios at any point and remains well-capitalized.
The Office of the Superintendent of Financial Institutions (OSFI) released the annual report for 2020-2021.
Through a letter addressed to the banking sector entities, the Office of the Superintendent of Financial Institutions (OSFI) announced deferral of the domestic implementation of the final Basel III reforms from the first to the second quarter of 2023.
EIOPA recently published a letter in which EC is informing the European Parliament and Council that it could not adopt the set of draft regulatory technical standards for disclosures under the Sustainable Finance Disclosure Regulation (SFDR) within the stipulated three-month period, given their length and technical detail.
The Financial Conduct Authority (FCA) published the third in a series of policy statements that set out rules to introduce the UK Investment Firm Prudential Regime (IFPR), which will take effect on January 01, 2022.
The Australian Prudential Regulation Authority (APRA) published, along with a summary of its response to the consultation feedback, an information paper that summarizes the finalized capital framework that is in line with the internationally agreed Basel III requirements for banks.
The Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) issued a consultative report focusing on access to central counterparty (CCP) clearing and client-position portability.