Regtech, Suptech and Beyond: Innovation in Financial Services
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Fintech, regtech, suptech and central bank decision making
Ashraf Khan and Majid Malaika
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
T. Rabi Sankar, Deputy Governor of the Reserve Bank of India, noted in a virtual seminar that “CBDCs [central bank digital currencies] are likely to be in the arsenal of every central bank going forward … [E]very idea will have to wait for its time. Perhaps the time for CDBC is nigh.” (Bhat, 2021). When looking at the chapters in this book, it is clear that it is not just CBDC but financial technology (fintech) in general that is here to stay.
How could it not be? The various authors have reflected on advanced artificial intelligence (AI) and machine-learning (ML) applications from a perspective of enhancing supervision and regulation, and by ensuring enhanced compliance from a financial institution and fintech perspective. Others have outlined the pros and cons of virtual currencies, highlighting the benefits this might bring by allowing easier and safer cross-border transfers, especially for worker remittances that many low-income countries and emerging markets depend on.
Many have also shared country-specific experiences: South Africa, Hong Kong SAR, Tunisia, Bermuda and China. Some have covered digital assets and stablecoin, others have looked at CBDCs. Organisational
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