São Paulo – Saudi Arabia, which is currently in the presidency of the G20, opened a call for entries for technological solutions in financial regulation and oversight. The G20 TechSprint contest is being held in partnership with the Bank of International Settlements (BIS)’s Singapore Centre. Entries will be accepted from this Wednesday (29) until May 20.
Solutions entered in the contest are expected to address regulatory compliance challenges. Known in the industry as RegTech solutions, these serve the purpose of fine-tuning regulatory processes, chiefly in finance. The call for entries also covers financial supervision technologies, SupTech, which is how artificial intelligence (AI) or machine learning (ML) support supervisory worok.
The BIS Singapore Centre and the Saudi G20 presidency have named high-priority problems and are calling on private firms to develop innovative tech solutions. The contest will be held in a hackathon format, and entrants can use the API Exchange (APIX) platform to work on their solutions.
Shortlisted entrants will present their projects in an online workshop next July. An independent expert panel organized and sponsored by Saudi Arabia will choose the firms and identify the most promising solutions. Each selected team will have their costs compensated for. Winners will be made public in October 2020, with each group getting USD 50,000 per problem solved. The winning projects will be presented in November.
G20 TechSprint informs that it is holding the contest amid the Covid-19 pandemic because it reckons that notwithstanding the unprecedented challenges presented by the virus, financial regulators and supervisors must keep ensuring that the global financial system operates in a stable, efficient and inclusive manner.
Find out more and enter the contest here.
Translated by Gabriel Pomerancblum
