The Saudi G20 Presidency and the BIS Innovation Hub in Singapore have launched the G20 TechSprint, with the support of the Monetary Authority of Singapore (MAS), the Financial Stability Board (FSB), API Exchange (APIX) and the RegTech for Regulators Accelerator (R2A).
The G20 TechSprint seeks to showcase the potential for new innovative technologies to resolve operational problems in the areas of regulatory compliance (RegTech) and supervision (SupTech).
Eligible participants must register and submit proposals that would address one or more of the identified problem statements for this inaugural G20 TechSprint. Cash awards will be given for winning solutions.
Register to participate in G20 TechSprint.
Participating teams submit expression of interest/proposals to one or more challenge statements.
Proposals will be reviewed and shortlisted by an independent panel of experts appointed by the G20 Saudi Presidency. Shortlisted participants will be invited to develop solution prototypes on the APIX platform.
Shortlisted solutions will be developed and submitted for evaluation on the APIX platform.
Evaluation and selection of award winners by independent judging panel commissioned by the G20 Saudi Presidency.
In G20 TechSprint, members of the Financial Stability Board (comprising global regulators and supervisors) were polled to identify high priority areas in the fields of RegTech and SupTech. The following most compelling problem statements have been selected. Participants are invited to develop innovative solutions to address any of these problem statements.
Can a technological solution be developed to facilitate the sharing of critical information among regulators and supervisors? Through the use of an application that sources both structured data and publicly available information that may be unstructured on a near real-time basis. The solution should offer a comprehensive overview of the measures undertaken within and across jurisdictions.
Monitoring anti-money laundering (AML) and combating the financing of terrorism (CFT) Risks: Crypto assets have garnered significant interest from the financial industry. However, AML/CFT risk in the crypto asset space has been a constant concern for regulators.
Regulatory reporting and ensuring compliance: With increasing digitalisation, are there upstream solutions and tools that would enable regulators to easily prepare and transmit machine-readable and machine-executable regulations to their regulated entities (i.e. codified regulations that are sent to regulated entities that would allow for regulatory data to be easily and autonomously mined and reported)?
Note: Proposals can be submitted from 29th Apr 2020 onwards. Participants are encouraged to submit their registrations and proposals early as a limit of 70 applications will be accepted for each problem statement and, after the limit is reached, applicants will be directed to other problem statements, and in the case all limits are reached, no further proposals will be accepted. Organisers will start to review and shortlist proposals as soon as they are submitted.
An independent panel of judges commissioned by the G20 Saudi Presidency, comprising industry experts, academics and regulatory policy experts, will be appointed to shortlist and select the winning solutions.
Shortlisted participants will receive a competition stipend per team provided by the Saudi G20 Presidency . This is to offset any expenses incurred as a result of participation in competition milestone events and development of solution prototypes.
Winning solutions to each of the G20 TechSprint problem statements will win attractive cash prizes awarded by the Saudi G20 Presidency.
FSB members polled for RegTech/SupTech challenge statements
Global launch of G20 TechSprint
June – Shortlisted teams will be onboarded onto Innovation Community Platform (hosted by APIX)
July - TechSprint Touchpoint Development and Finetuning of solutions on Innovation Community Platform
October - Announcement of G20
November - Winners Demo @ Singapore FinTech Festival in Singapore. Solutions of all shortlisted participants will also be featured in a special report.