Regtech, Suptech and Beyond: Innovation in Financial Services
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The ECB’s suptech innovation house: Paving the way for digital transformation of banking supervision
Daniela Schackis, Lukasz Kubicki and Maia Köhler
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
At the end of 2018, the European Central Bank (ECB) identified a strong need to assess how frontier technologies could be harnessed by banking supervisors. Although banking supervision has always been a field that relies extensively on the professional experience and expert judgement of supervisors, it was recognised that cutting-edge technology, including artificial intelligence (AI), could not be overlooked.
After exploring the topic more closely and discussing it with peers and institutions across the world, the enormous potential of AI for banking supervision in terms of efficiency gains and higher analytical capabilities became obvious. Data is the foundation of AI, and supervisors have access to large amounts of data in different forms. Successful application of AI could provide deep insights into this data and benefit our work. It also became clear that modern technologies could eliminate some manual tasks and therefore enable colleagues to spend more time refining their professional judgement and delivering state-of-the-art supervision.
The ECB therefore incorporated the use of supervisory technologies (suptech) as a core element into its strategic vision for banking
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