Featured Product

    BIS Announces TechSprint on Innovative Green Finance Solutions

    May 06, 2021

    Under the Italian G20 Presidency, BIS Innovation Hub and the Italian central bank BDI launched the second edition of the G20 TechSprint on the lookout for innovative solutions to resolve operational problems in green and sustainable finance. The Innovation Hub and the Italian G20 Presidency have published problem statements to identify challenges in data collection, verification, and sharing; analyze and assess physical and transition climate risks; and connect projects and investors. The closing date for applications is May 31, 2021. The shortlisted teams will be announced on June 14, 2021 and invited to showcase their prototypes at a workshop in August 2021 for feedback from national authorities and experts. Winners will be announced in October 2021.

    The BIS Innovation Hub, through its Singapore Center, and the Italian G20 Presidency have published three high-priority operational problems and invited private firms to develop innovative technological solutions. The problem statements identify the following challenges, highlighted by submissions from G20 finance ministries and central banks:

    • Data collection, verification, and sharing. A perception of information asymmetry exists in the collection and sharing of environmental data to support environmental risk analysis. This stems from lack of consistent data methods and disclosure regimes, along with a limited verification of self-reported returns that negatively affect confidence in the reliability of aggregated data sets. In this context, the problem statement questions whether technological solutions contribute to a disclosure ecosystem that supports all stakeholders while reducing the disclosure workload and costs for corporates and other reporting entities and respecting data privacy policies in individual countries. It also raises a question whether technological solutions are deployed to aid in better capturing and structuring relevant climate-related (meta)data digitally, including through a "rulebook" that showcases how rules and data requirements can be delivered as code in a consistent, high quality, transparent, comparable, and standardized way, to enhance environmental risk analysis.
    • Analysis and assessment of physical and transition risks. One of the main difficulties facing non-financial corporations and financial corporations alike is the ability to accurately predict the vulnerabilities associated with transition and physical risks posed by climate change. As the world transitions toward climate-neutrality, there is a need to support institutions and relevant stakeholders with tools enabling them to visualize, predict, assess, and monitor transition and physical risks. The problem statement questions whether big data ingestion, predictive analytics, and visualization tools can be developed to aid both regulators and institutions/corporates to better assess and analyze these risks across different regions, sectors, and asset classes.
    • Improvement in connecting projects and investors. The problem statement questions whether technological solutions help connect projects and investors to scale up their impact in a secure way while respecting data privacy policies in individual countries. It further raises a question related to whether technological solutions also be used to effectively track platform performance and outcomes in terms of volume and quality of credit allocation and environmental impact and be deployable across geographies and different states of development.

    Interested participants can compete and develop innovative solutions to address these problems using a dedicated platform, through which Codemotion will facilitate registration and online judging of project proposals, and the IBM Cloud for prototype building. An independent expert panel organized and sponsored by the Bank of Italy will judge the submissions and identify the most promising solutions. 

     

    Related Links

    Keywords: International, Europe, Italy, Banking, Climate Change Risk, Sustainable Finance, Reporting, Disclosures, Fintech, Regtech, Techsprint, G20, Innovation Hub, BDI, BIS

    Featured Experts
    Related Articles
    News

    US Regulators Release Stress Test Scenarios for Banks

    The U.S. regulators recently released baseline and severely adverse scenarios, along with other details, for stress testing the banks in 2024. The relevant U.S. banking regulators are the Federal Reserve Bank (FED), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).

    February 28, 2024 WebPage Regulatory News
    News

    Asian Governments Aim for Interoperability in AI Governance Frameworks

    The regulatory landscape for artificial intelligence (AI), including the generative kind, is evolving rapidly, with governments and regulators aiming to address the challenges and opportunities presented by this transformative technology.

    February 28, 2024 WebPage Regulatory News
    News

    EBA Proposes Operational Risk Standards Under Final Basel III Package

    The European Union (EU) has been working on the final elements of Basel III standards, with endorsement of the Banking Package and the publication of the European Banking Authority (EBA) roadmap on Basel III implementation in December 2023.

    February 26, 2024 WebPage Regulatory News
    News

    EFRAG Proposes XBRL Taxonomy and Standard for Listed SMEs Under ESRS

    The European Financial Reporting Advisory Group (EFRAG), which plays a crucial role in shaping corporate reporting standards in European Union (EU), is seeking comments, until May 21, 2024, on the Exposure Draft ESRS for listed SMEs.

    February 23, 2024 WebPage Regulatory News
    News

    ECB to Expand Climate Change Work in 2024-2025

    Banking regulators worldwide are increasingly focusing on addressing, monitoring, and supervising the institutions' exposure to climate and environmental risks.

    February 23, 2024 WebPage Regulatory News
    News

    BIS Bulletin Examines Cognitive Limits of Large Language Models

    The use cases of generative AI in the banking sector are evolving fast, with many institutions adopting the technology to enhance customer service and operational efficiency.

    January 25, 2024 WebPage Regulatory News
    News

    ECB is Conducting First Cyber Risk Stress Test for Banks

    As part of the increasing regulatory focus on operational resilience, cyber risk stress testing is also becoming a crucial aspect of ensuring bank resilience in the face of cyber threats.

    January 24, 2024 WebPage Regulatory News
    News

    EBA Continues Momentum Toward Strengthening Prudential Rules for Banks

    A few years down the road from the last global financial crisis, regulators are still issuing rules and monitoring banks to ensure that they comply with the regulations.

    January 24, 2024 WebPage Regulatory News
    News

    EU and UK Agencies Issue Updates on Final Basel III Rules

    The European Commission (EC) recently issued an update informing that the European Council and the Parliament have endorsed the Banking Package implementing the final elements of Basel III standards

    December 19, 2023 WebPage Regulatory News
    News

    Industry Agency Expects Considerable Uptake for Swiss Climate Scores

    The Swiss Federal Council recently decided to further develop the Swiss Climate Scores, which it had first launched in June 2022.

    December 18, 2023 WebPage Regulatory News
    RESULTS 1 - 10 OF 8952