FNA won the dynamic information-sharing category; Tookitaki won in the monitoring and surveillance category; ISDA and REGnosys won the regulatory reporting category.
BIS (Bank for International Settlements) and the Saudi G20 Presidency have announced the winners of the G20 TechSprint challenge.
The hackathon-style competition was launched in April to highlight the potential for technology to resolve regulatory compliance (regtech) and supervisory (suptech) challenges. A total 128 entries were received from over 35 countries.
The competition was supported by MAS (Monetary Authority of Singapore), the FSB (Financial Stability Board), APIX (API Exchange), and R2A (RegTech for Regulators Accelerator).
The winners, chosen by an independent panel of experts, addressed one or more of three problem topics: dynamic information-sharing, monitoring and surveillance, and regulatory reporting.
- FNA, a deep technology firm specialising in advanced network analytics and simulations, won the dynamic information-sharing category for a solution that allows financial authorities and institutions to better understand interconnectedness and emerging risk within the global financial system and economy
- Tookitaki won in the monitoring and surveillance category for a solution that uses automated machine learning and a typology repository management to detect AML risks related to cryptocurrencies
- ISDA and fintech firm REGnosys won the regulatory reporting category for a solution that uses the Common Domain Model to comply with derivatives reporting regulations set by MAS, enabling reporting firms to access an executable code version of the regulatory requirements and run trades through a reporting engine that validates business logic and achieves consistent reporting
The Saudi G20 Presidency is awarding cash prices of USD 50,000 per problem solved.
The winners have been invited to showcase their submissions at the Singapore FinTech Festival, which will run as a hybrid virtual event on 7-11 December.