The Saudi G20 Presidency and the Bank for International Settlements Innovation Hub (BISIH) updated on progress made on the G20 TechSprint initiative, following a midpoint review of the hackathon-style competition with 20 shortlisted teams.
The G20 TechSprint initiative, launched in April 2020, aims to highlight the potential for technologies to resolve regulatory compliance (RegTech) and supervisory (SupTech) challenges. The event on 6–7 August gave the shortlisted teams an opportunity to demonstrate their solutions to a panel of independent judges and receive feedback before the final judging, scheduled for October 2020.
The midpoint review allowed the shortlisted firms, selected from a pool of 128 submissions from 35 countries, to further refine their solutions before the winners are selected. It provided an opportunity to see the development of the solutions against the backdrop of a global pandemic. Around 100 TechSprint participants, judges and representatives of the BISIH participated.
The G20 TechSprint initiative would not have been possible without the support of the panel of judges, comprised of private and public sector experts in the field of financial sector data and technology.
From the G20 Saudi Presidency, Fahad Aldossari, Deputy Governor for Research and International Affairs at the Saudi Arabian Monetary Authority, said: "Short-listed firms had the opportunity to refine their budding solutions with a panel of accomplished regulators and supervisors. The initiative by the G20 Saudi Presidency, alongside the BIS Innovation Hub, captures the importance of technological approaches and underscores their ability to allow us to innovate and solve problems, including by supporting regulatory and supervisory responses against the COVID-19 pandemic."
Andrew McCormack, Head of the BIS Innovation Hub Centre in Singapore, said: "This is the first time a virtual long-form 'hackathon' of this global nature and scale is being held for RegTech and SupTech solution development. It has been heartening to note the strong interest from both regulators and technology firms across the world. It is our hope that such efforts help to contribute to the development of best-in-class innovative technology solutions."
Jo Ann Barefoot, co-founder and CEO of the Alliance for Innovative Regulation and member of the TechSprint expert judging panel said: "Financial regulation must modernize for the digital age so that regulators can keep pace with the rapid digitization of the financial services industry they oversee. This TechSprint is a breakthrough development, convening global innovation by regulators, for regulators, as a big step to that end."
Together with the Saudi G20 Presidency and the BIS Innovation Hub, the G20 TechSprint initiative is also supported by the Monetary Authority of Singapore, the Financial Stability Board, API Exchange and the RegTech for Regulators Accelerator.
Taking place against the backdrop of the COVID-19 global pandemic, the G20 TechSprint initiative recognizes that financial regulators and supervisors will continue to ensure that the global financial system operates in a stable, efficient and inclusive manner. The initiative also recognizes that regulators and supervisors require the tools to identify vulnerabilities and share information domestically and across borders in real time, and competitors are encouraged to develop solutions that will support this process.
For more details about the TechSprint and participant application, please refer to www.g20techsprint.apixplatform.com/landing. Further information about the G20, including the Presidency Agenda and full program of events, can be found at www.g20.org.