RIYADH: The Saudi G20 Presidency and the Bank for International Settlements innovation hub today launched the G20 TechSprint Initiative to highlight the potential for new technologies to resolve regulatory compliance and supervision challenges.
The Saudi G20 Presidency and the innovation hub, through its center in Singapore, published organizational and supervisory challenges, calling for innovation pioneers to identify challenges in regulatory reporting, analytics, monitoring and supervision.
The challenges have been developed from submissions received from Financial Stability Board member jurisdictions.
With the unprecedented challenges arising from the coronavirus disease (COVID-19) pandemic, the initiative is relying on regulatory financial authorities to continue their work to ensure the ability of the global financial system to perform in a stable, effective and comprehensive manner.
It also realizes the need for tools that enable the bodies to detect vulnerabilities and share information.
Ahmed Alkholifey, governor of the Saudi Arabian Monetary Authority, said: “We and the innovation hub of the Bank for International Settlements are awaiting from the global community of financial technology to help employ technical solutions to urgent financial and regulatory challenges, including supporting the regulatory and supervisory frameworks to confront the COVID-19 pandemic.”
He added: “The G20 initiative for technical acceleration would support the efforts of the supervisory and regulatory authorities in reaping the technical benefits to ensure the ability of the global financial system to continue to support families and businesses.”
The names of the winners will be announced in October, and the Saudi G20 Presidency will award cash prizes of $50,000 for each problem solved.
The winners will be invited to display their efforts in November. Some solutions will be included in a distinguished report on the event.