Saudi G20 Presidency and the Bank for International Settlements (BIS) Innovation Hub invite global innovators to solve RegTech and SupTech challenges
Riyadh, 27 April 2020: The Saudi G20 Presidency and the Bank for International Settlements (BIS) Innovation Hub today launched the G20 TechSprint Initiative to highlight the potential for new technologies to resolve regulatory compliance (RegTech) and supervision (SupTech) challenges.
The BIS Innovation Hub, through its Singapore Centre, has published high-priority RegTech/SupTech operational problems and invites private firms to develop innovative technological solutions. The problem statements identify challenges in regulatory reporting, analytics, and monitoring and supervision, and have been developed from submissions received from Financial Stability Board (FSB) member jurisdictions.
The hackathon-style competition is also supported by the Monetary Authority of Singapore (MAS), the FSB, API Exchange (APIX), and the RegTech for Regulators Accelerator (R2A).
“TechSprint encapsulates one of the core principles of the BIS Innovation Hub, which is to develop public goods in the technology space to enhance the functioning of the global financial system,” said Benoît Cœuré, Head of the BIS Innovation Hub.
Interested private firms can compete and develop innovative solutions to these problems using the cloud-based APIX platform that facilitates registration, prototype building and online judging of submissions. It will also enable solution providers to utilise a custom-built environment to integrate APIs to build and deploy prototypes for solving the challenge statements.
“The APIX cloud-based innovation platform will facilitate a state-of-the-art remote hackathon that will help propel rapid innovation in the regulatory and supervisory space to benefit central banks, supervisory authorities and financial institutions around the world,” said MAS Chief Fintech Officer Sopnendu Mohanty.
TechSprint is taking place against the
backdrop of the COVID-19 global pandemic. The initiative recognizes that, notwithstanding the
unprecedented challenges presented by the virus, financial regulators and supervisors will
continue to ensure that the global financial system operates in a stable, efficient and
inclusive manner. It also recognises that regulators and supervisors require the tools to
identify vulnerabilities and share information domestically and across borders in real time.
Competitors are encouraged to develop solutions that will support this process.
Commenting on the launch, the Saudi G20 presidency said: “. Alongside the BIS Innovation Hub, we look to the global fintech community to help mobilise effective supervisory and regulatory tools in response to the COVID-19 pandemic to ensure the global financial system continues to support households and businesses. The G20 TechSprint Initiative will support the efforts of supervisors and regulators in reaping the benefits of technology to serve the greater public good.”
In light of the pandemic, some of the events
planned for TechSprint may change as circumstances evolve.
For more details about the TechSprint and participant application, refer to (https://g20techsprint.apixplatform.com).
About the Saudi G20 Presidency
In 2020, Saudi Arabia will steer the work of the G20 towards ‘Realizing Opportunities of the 21st Century for All.’ Under the overarching theme, the presidency will firstly aim for empowering people by creating conditions in which all people, especially women and youth, can live, work, and thrive. Secondly, it will aim for safeguarding the planet by fostering collective efforts to protect our common heritage. Thirdly, it will aim for shaping new frontiers by adopting long-term and bold strategies to utilize and share the benefits of innovation. The themes and aims are the pillars that have molded the G20’s Finance Track, touching on policies to boost financial inclusion of women and youth, creating access to opportunities for all, utilizing technology in infrastructure, developing domestic capital markets.
Under the G20 Presidency’s Finance Track, it has made “Framing Supervisory and Regulatory Issues for the Digital Era” a priority under its Financial Sector Issues agenda, allowing G20 members to jointly shape new and inclusive financial frontiers. Under this overarching priority and the Presidency’s aim for Shaping New Frontiers, the presidency has “Facilitating Innovation in Technology-Enabled Regulatory and Supervisory Solutions (RegTech and SupTech)” a priority as the increase of technology adoption in the financial market is transforming the financial landscape, creating both opportunities and challenges for regulators and regulated entities alike. Indeed, the importance of innovation in the area of regulation and supervision is ever more important now during a time of unprecedented events.
About the BIS Innovation Hub
The BIS Innovation Hub was established in 2019 to identify and develop in-depth insights into critical trends in financial technology of relevance to central banks, to explore the development of public goods to enhance the functioning of the global financial system, and to serve as a focal point for a network of central bank experts on innovation. At present, there are Hubs in Switzerland, Singapore and Hong Kong, with more planned.
About the MAS
The Monetary Authority of Singapore (MAS) is Singapore’s central bank and integrated financial regulator. As central bank, MAS promotes sustained, non-inflationary economic growth through the conduct of monetary policy and close macroeconomic surveillance and analysis. It manages Singapore’s exchange rate, official foreign reserves, and liquidity in the banking sector. As an integrated financial supervisor, MAS fosters a sound financial services sector through its prudential oversight of all financial institutions in Singapore – banks, insurers, capital market intermediaries, financial advisors, and stock exchanges. It is also responsible for well-functioning financial markets, sound conduct, and investor education. MAS also works with the financial industry to promote Singapore as a dynamic international financial centre. It facilitates the development of infrastructure, adoption of technology, and upgrading of skills in the financial industry.
the Financial Stability Board
The FSB promotes international financial stability; it does so by coordinating national financial authorities and international standard-setting bodies as they work toward developing strong regulatory, supervisory and other financial sector policies. It fosters a level playing field by encouraging coherent implementation of these policies across sectors and jurisdictions. The FSB, working through its members, seeks to strengthen financial systems and increase the stability of international financial markets. The policies developed in the pursuit of this agenda are implemented by jurisdictions and national authorities.
APIX is the world’s first cross-border, open-architecture API platform, where financial institutions and FinTechs can integrate and text solutions via a cloud-based architecture. Through APIX, financial institutions and FinTech firms can discover one another on a curated global marketplace, design experiments collaboratively in the sandbox and deploy innovative solutions rapidly at a lower cost.
APIX is a flagship product of the ASEAN Financial Innovation Network (AFIN), a non-profit entity formed by the Monetary Authority of Singapore, International Finance Corporation, a member of the World Bank Group, and the ASEAN Bankers Association, with the objectives of supporting financial innovation and inclusion around the world.
The RegTech for Regulators Accelerator (R2A) partners with leading financial sector authorities to pioneer SupTech applications for financial sector regulation, supervision, and policy analysis. With support from R2A, financial authorities access new datasets and enhance their intelligence to establish a body of knowledge and evidence that drives financial inclusion and ensure financial stability, integrity, and consumer protection. Through R2A, partner financial authorities re-imagine how they collect and manage data, and harness technology to improve the speed, quality, and comprehensiveness of information in support of targeted, risk-based decision-making.
R2A also engages closely with technology innovators to create structured opportunities for them to propose solutions and collaborate with financial authorities in the design and testing of promising ideas. Launched in October 2016, the R2A team has already partnered with the Bangko Sentral ng Pilipinas (BSP), the Mexican Comisi n Nacional Bancaria y de Valores (CNBV) and the Central Bank of Nigeria to develop and test next-generation SupTech solutions. The initiative objective is to contribute to the creation of a global SupTech marketplace where robust solutions are available and demonstrated for key use cases.
Nov 4, 2019
Nov 16, 2018
Nov 8, 2019
May 20, 2020
Oct 17, 2019