The Saudi G20 Presidency and the Bank for International Settlements (BIS) Innovation Hub on Wednesday 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 Center, 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 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, Governor of the Saudi Arabian Monetary Authority, Ahmed Al-Kholifey, 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."
