The Saudi G20 Presidency and the Bank for International Settlements (BIS) Innovation Hub have launched an online competition to highlight the potential for new technology to tackle financial regulatory and supervisory challenges including those associated with the Covid-19 pandemic. The Saudi G20 Presidency is providing cash prizes for the TechSprint competition, which taps into the increasing worldwide interest in regulatory technology or 'regtech' and its potential to help regulators keep up with technological innovation, which is disrupting many industries including the legal profession.
Problem statements have been developed from submissions by Financial Stability Board (FSB) member jurisdictions which identify specific challenges in regulatory reporting, analytics and monitoring and supervision.
The hackathon-style competition is also supported by the Monetary Authority of Singapore (MAS), the FSB, API Exchange (APIX), RegTech for Regulators Accelerator (R2A) and RegPac Revolution.
Benoit Coeure, head of the BIS Innovation Hub, announced: “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.” Competitors are being encouraged to develop solutions that will help regulators and supervisors identify vulnerabilities and share information domestically and across borders in real time.
The Governor of the Saudi Arabian Monetary Authority, Ahmed Alkholifey, added: “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.” The initiative states that despite the virus, financial regulators and supervisors will continue to ensure that the global financial system operates in a stable, efficient and inclusive manner. Alkholifey said: “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.”