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