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).
Keywords: International, Middle East and Africa, Saudi Arabia, Banking, G20, TechSprint, Fintech, Regtech, Suptech, Reporting, SAMA, BIS Innovation Hub, BIS
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 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 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.