BearingPoint RegTech successfully made it to the shortlist of the G20 TechSprint out of 128 applicants from 35 countries.
The TechSprint is an initiative of the Saudi G20 Presidency and the Innovation Hub Centre Singapore of the Bank for International Settlements (BIS) with support from the Monetary Authority of Singapore (MAS), the Financial Stability Board (FSB), the API Exchange (APIX), and the RegTech for Regulators Accelerators (R2A). The aim of the G20 TechSprint is to demonstrate the potential of innovative technologies (RegTech / SupTech) for solving operational problems in financial market regulation, particularly against the background of the global COVID-19 pandemic.
"We are very pleased that we convinced the jury with our forward-looking approach for regulatory reporting and were selected along with the other contestants to work on disruptive solutions to keep the global financial system stable, efficient and inclusive even in times of crisis," says Daniel Münch, Business Advisor Emerging Technologies, BearingPoint RegTech.
"For more than 25 years it has been our mission to contribute to global financial stability by providing innovative solutions along the regulatory value chain. In this respect, we are particularly proud to bring our expertise to the G20 TechSprint initiative," adds Dr. Maciej Piechocki, Member of the Management Board, BearingPoint RegTech.
The G20 TechSprint Initiative was launched in April 2020. A total of 128 teams from 35 countries had applied to participate in the hackathon. The participants were invited to develop innovative solutions for three selected RegTech and SupTech areas: Dynamic information exchange for supervisory and regulatory authorities in response to crises, surveillance and control as well as regulatory reporting and ensuring compliance. In August, all short-listed groups presented their concepts to a jury of 14 experts in the field of financial market data and technology from around the world. Based on the jury's feedback, the teams will further refine their solutions. The announcement of the winners is scheduled for October 2020.