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The Saudi G20 Presidency and the Bank for International Settlements (BIS) Innovation Hub recently 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, and the Saudi G20 Presidency have published high-priority RegTech/SupTech operational problems and invite 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 the 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.
Commenting on the launch from the Saudi G20 presidency, the Governor of the Saudi Arabian Monetary Authority, Ahmed Alkholifey, said: “Alongside the BIS Innovation Hub, we look to the global fintech community to help mobilize effective solutions to pressing financial regulatory and supervisory challenges, including by supporting regulatory and supervisory responses against the COVID-19 pandemic.”
He added: “The G20 TechSprint Initiative will support the efforts of supervisors and regulators in reaping the benefits of technology to ensure that the global financial system continues to support households and businesses.”
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.
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