BIS and Saudi G20 Presidency Announce TechSprint Winners
BIS Innovation Hub and Saudi G20 Presidency announced winners of the G20 TechSprint challenge at the conclusion of the Enabling Regulatory and Supervisory Solutions for the Digital Era symposium. The symposium was hosted by the SAMA Governor Dr. Ahmed Alkholifey and the BIS Innovation Hub Head Benoît Cœuré. The winners, chosen by an independent panel of experts, addressed one or more of the three problem topics: dynamic information-sharing, monitoring and surveillance, and regulatory reporting. The winners have been invited to showcase their submissions at the Singapore FinTech Festival, a virtual event scheduled for December 07-11, 2020.
The following three solutions were decided as winners:
- ISDA-REGnosys won the regulatory reporting challenge for its solution "Consistent Regulatory Reporting via the Common Domain Model."
- FNA won the dynamic information-sharing category for its solution "FNA Platform for Dynamic Information Sharing and Real-Time Analytics (FNA Platform)."
- Tookitaki won in the monitoring and surveillance category for its solution "Crypto-currency AML Typology Repository Management."
The hackathon-style competition was launched in April to highlight the potential for technology to resolve regulatory compliance (regtech) and supervisory (suptech) challenges. The symposium was part of the Saudi G20 Presidency's program for digital era supervisory and regulatory issues. It comprised two sessions, with the first offering a platform for the final TechSprint prizewinners to share their solutions. The second tackled problems facing supervisors and financial institutions. Participants included central bank governors, deputies, heads of international and regional financial bodies, and private-sector experts. TechSprint was a joint initiative of the BIS Innovation Hub and the Saudi G20 Presidency to showcase the potential for new innovative technologies to resolve operational problems in the areas of regulatory compliance and supervision. It was implemented with the support of MAS, SAMA, FSB, API Exchange (APIX), and Regtech for Regulators Accelerator (R2A).
Related Links
Keywords: International, Middle East and Africa, Saudi Arabia, Banking, G20, TechSprint, Fintech, Regtech, Suptech, Reporting, SAMA, BIS Innovation Hub, BIS
Featured Experts

María Cañamero
Skilled market researcher; growth strategist; successful go-to-market campaign developer

Pierre-Etienne Chabanel
Brings expertise in technology and software solutions around banking regulation, whether deployed on-premises or in the cloud.

Nicolas Degruson
Works with financial institutions, regulatory experts, business analysts, product managers, and software engineers to drive regulatory solutions across the globe.
Related Articles
HKMA Enhances Loan Guarantee Scheme to Alleviate Pressure on SMEs
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.
EBA Proposes Standards for Supervisory Cooperation Under IFD
EBA launched consultations on the regulatory and implementing technical standards on cooperation and information exchange between competent authorities involved in prudential supervision of investment firms.
BoE Sets Out Plan to Transform Data Collection from Financial Sector
BoE has set out a three-phased plan to transform data collection from the UK financial sector over the next decade.
BIS Issues Updates on Technology Initiatives on Cross-Border Payments
BIS recently made a couple of announcements with respect to the planned and ongoing work in the area of financial technology.
ESRB Updates List of Macro-Prudential Measures in February 2021
ESRB updated the list of national macro-prudential measures applied by each member state in the European Economic Area.
BoE Survey Shows Positive COVID Impact on Outsourced Banking Services
BoE has set out results of a survey on the impact of COVID-19 events on the use of machine learning and data science.
ECB Issues Opinion on Proposal to Regulate Crypto-Asset Markets in EU
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 Announces Aggregate Committed Liquidity Facility for Banks
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 and UK Authorities Agree on Post-Brexit Supervisory Cooperation
ECB published supervisory Memorandums of Understanding (MoUs) with UK as well as other European and non-European authorities.
EIOPA Outlines Strategic Supervisory Priorities for Insurance Sector
EIOPA identified business model sustainability and adequate product design as the two EU-wide strategic supervisory priorities.