We have seen a lot of local or regional initiatives in FinTech, RegTech and LegalTech lately to identify new opportunities, but this one is different!
The G20 and Bank of International Settlements (BIS) Innovation Hub have just announced a global TechSprint to address today’s most pressing financial regulatory and supervisory challenges. Three winners will get to demo their solution at the November 2020 Singapore Fintech Festival – and each take home USD 50.000.
The Nordic RegTech Association (NRTA) and THINK Legaltech would like the Nordics to be at the forefront of this hackathon-style competition and we want to help you find a way to participate.
We will host a webinar on 6 May at 16:00 to take you through how, why, and what the TechSprint offers the Nordic tech community.
In short, the timeline for the whole TechSprint is as follows:
20 May 2020 – Deadline for proposals. Participating teams submit expression of interest/proposals to one or more challenge statements.
May-June 2020 – Shortlisting. 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.
July-August 2020 – Submit solutions. Shortlisted solutions will be developed and submitted for evaluation on the APIX platform.
September-October 2020 – Evaluation. Evaluation and selection of award winners by independent judging panel commissioned by the G20 Saudi Presidency.
November 2020 – Winners Demo @ Singapore FinTech Festival in Singapore. All short-listed solutions will be featured in a special report.
The organizers have posted three problem statements that the solutions should be based on:
1. Dynamic Information sharing for Supervisors and Regulators in Response to Crises
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.
2. Monitoring and Surveillance
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.
3. Regulatory reporting and ensuring compliance
With increasing digitalization, 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)?
Shortlisted participants will receive a competition stipend per team to cover costs for participating. The winners of each of the three problem statements will receive a cash prize of USD 50.000.
More information can be found at here.
NRTA and THINK Legaltech are working with the organizers to support a wide spread of entries, and of course from our perspective, from the Nordic region. Our aim is to help with information, facilitate formation of teams when needed, create opportunities to exchange ideas and best practices when requested and support the Nordic initiatives all throughout the process.
Also, don’t forget to sign up to our webinar where we’ll go through more details about this opportunity.