Regtech, Suptech and Beyond: Innovation in Financial Services
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IT transformation in the Prudential Authority of South Africa: A case study
Daniel Masiya and Kuben Naidoo
Foreword
Preface
Preface
Introduction: Suptech/regtech defined: Payments, sandboxes and beyond
The uncertain prudential treatment of cryptoassets
US regulatory certainty versus uncertainty for crypto and blockchain
Bermuda: Suptech and regtech supporting the risk-based approach
Suptech: A new era of supervisory philosophy
Cloud computing in the financial sector: A global perspective
DeFi protocol risks: The paradox of cryptofinance
IT transformation in the Prudential Authority of South Africa: A case study
Making the vision a reality: Perspectives from the Monetary Authority of Singapore
Lessons from Hong Kong through the lens of the HKMA
Technological change: Is it different this time?
The ECB’s suptech innovation house: Paving the way for digital transformation of banking supervision
China’s financing opening up and regulatory convergence with the world
Disclosures and market discipline: The promise of regtech
Regtech and new derivatives developments
Fintech and regtech: Leading the evolution and regulation of alternative investments
The role of artificial intelligence and big data in investment management
The promise and challenges of machine learning in finance
Data privacy and alternative data
Digital ID and financial inclusion
Strategic technology: Regulation and innovation of CBDCs
Regulatory sandboxes: Innovation and financial inclusion
Technology and sandbox development innovation in a transitional market: A case study
Developing the regulatory ecosystem: The evolution of stablecoin
Central bank digital currency, regtech and suptech
Digital dollar: Cryptocurrency for everyday commerce
CFTC regtech implications for virtual currency trading
Fintech, regtech, suptech and central bank decision making
In early 2021, the Prudential Authority (PA) of South Africa signed a major long-term contract with a global leader in supervisory technology (suptech) and regulatory technology (regtech) solutions. This milestone cry-and-an best be described as the end of the beginning, a key moment of what has already been a long journey of transformation. This chapter tells the story of how the PA got to this position, sets out key objectives for its IT transformation, defines the key elements of the programme and looks ahead at its plans for the coming years.
BACKGROUND
The PA is the prudential regulator of the financial sector in South Africa. It was formerly established in 2018, although its genesis was years in the making. The PA was born out of a financial sector reform process that emanated from the 2007–08 global financial crisis. In 2011, the Ministry of Finance set out a reform agenda focused on ensuring a safer financial sector, one better able to serve the people of South Africa. A “twin peaks” methodology was proposed that called for the establishment of a prudential regulator for most parts of the financial sector and a dedicated market conduct regulator. The prudential
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