Regtech, Suptech and Beyond: Innovation in Financial Services
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Digital ID and financial inclusion
Rod Dubitsky and Sian Williams
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
“Before we didn’t have any freedom and respect. With an ID, I can work and get the money and freedom to spend for the family. I feel much better about it now that I am earning and it is not just my husband supporting us.” (Ruma, garment factory worker, Bangladesh; Smertnik and Bailur, 2019)
This chapter will address the critical regulatory, social and technical issues surrounding digital ID (D-ID) and financial inclusion. It will examine the relevant technical standards, scope of D-ID, benefits and use cases, as well as highlighting several case studies from around the world.
The United Nations Sustainable Development Goals (SDGs) set in 2015 call for providing legal identity for all by 2030. As the scale of the challenge, providing over one billion of the world’s most excluded people with a legal identity, cannot be achieved through paper documents alone, D-ID systems will be essential in ensuring full legal identity coverage in that timeframe. Further, as service provision across all sectors moves increasingly online, D-ID systems have become critical to achieving financial inclusion goals via the ability to be remotely and more readily verified. The Covid pandemic has
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