G20 holds competition for IT developers in RegTech and SupTech
The G20 and the Bank for International Settlements Innovation Hub (Singapore) have launched TechSprint, an initiative aimed to unlock the potential of financial technology in regulation (RegTech) and supervision (SupTech).
As part of this initiative, a competition will be held among financial technology developers, who will be tasked to come up with solutions to current regulatory problems in statutory reporting, analytics, monitoring and supervision. The Bank of Russia is an active participant in G20 financial regulation projects.
The competition is open for IT developers and technology companies with FinTech, RegTech and SupTech experience, which are willing to contribute to central banks’ new-generation regulatory and supervision technologies; applications will be considered through 27 May 2020.
The authors of winning applications will be invited to present their projects to national regulators and other stakeholders at TechSprint Touchpoint, a virtual roundtable scheduled to take place this July. A panel of independent experts will select the most promising projects. Each of finalists will have their costs of participation reimbursed by way of grants. The winners are due to be announced in October, with a cash prize awaiting the authour of every successful solution. This November, the winners will be able to present their solutions at Singapore FinTech Festival.