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Regtech, Suptech and Beyond: Innovation in Financial Services

Regtech, Suptech and Beyond: Innovation in Financial Services

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Technology and innovation continue to have a dramatic influence on financial services and products as well as the markets in which these are offered. Similarly, technology and innovation in regulatory and supervisory oversight are rapidly evolving. Covid-19 and the global crisis surrounding the pandemic has accelerated this evolution further still, putting regtech and suptech centre stage for both regulators and those they regulate.

In the first compendium of its type, editors Bill Coen (former Secretary General of the Basel Committee on Banking Supervision) and D. R. Maurice (former Federal Reserve analyst) and have gathered together chapter authors who are deeply involved in the development of this essential financial-services oversight function. Authors spanning the public sector, including supervisory authorities and central banks, academia, and the private sector provide the reader with unique and dynamic views of both the current and future regtech and suptech ecosystem.

Divided into 5 parts the book explores in detail the emerging best practices in regulatory oversight and financial services which leverage technological solutions. Folding in new research and analysis, Regtech, Suptech and Beyond serves as both a reference and a working manual; providing a frame of reference for regulatory developments and the important role of technology. Readers from central banks, regulators and firms pursuing technological solutions to regulatory and supervisory oversight will benefit.

Part I - Prudential and financial stability issues

Part II - Response to global transformation – Innovation strategies and regulatory approaches

Part III - Opportunities for regtech

Part IV - Innovation and international standards

Part V - Digital currencies: CBDC, Stablecoin and beyond

The strengths and challenges of leading methodologies and techniques explored in this book will provide practical and actionable solutions. As a result, readers will gain a deeper understanding of the business implications of the use of technology in meeting their daily regulatory and non-regulatory activities.

The table of contents ranges from regulatory sandboxes, cloud strategies and central bank digital currencies to anti money laundering, AI, machine learning and “big data”. A “how to” in the execution of compliance, monitoring, privacy, and cybersecurity spanning the globe Regtech, Suptech and Beyond, should be on the desks of practitioners, regulators, consulting firms, academics, students and fintech innovators and entrepreneurs.

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Table of contents

ForewordCarolyn Rogers
PrefaceBill Coen & D. R. Maurice
Introduction: Suptech/Regtech defined: Payments, sandboxes and beyondBhavin Patel
Part 1. Prudential and financial stability issues




1


The uncertain prudential treatment of crypto-assets
Lee Reiners




2


Cloud Computing in the Financial Sector: A Global Perspective
Hal Scott and John Gulliver




3


DeFi protocol risks: The paradox of crypto-finance
Linda Jeng and Nic Carter




4


Bermuda: Suptech and regtech supporting the risk-based approach
Monika Adams




5


Money Laundering and Reg Tech – Perspectives from a Central Bank
Rūta Merkevičiūtė




6


Regulatory Certainty vs. Uncertainty for Crypto and Blockchain
Jason Brett and Whitney Kalmbach
 




Part 2. Response to Global Transformation - Innovation Strategies and Regulatory Approaches




7


IT transformation in the Prudential Authority of South Africa: A case study
Kuben Naidoo and Daniel Masiya




8


Making the vision a reality: Perspectives from the Monetary Authority of Singapore
Mok Pei Hong




9


Lessons from Hong Kong, through the lens of the Hong Kong Monetary Authority
Arthur Yuen




10


Technological Change - is it different this time?
Lyndon Nelson




11


The ECB’s suptech innovation house: Paving the way for digital transformation of banking supervision
Daniela Schackis, Lukasz Kubicki and Maia Köhler




12


China’s financing opening up and regulatory convergence with the world
Alicia Garcia Herrero and Gary Ng




Part 3. Opportunities for RegTech




13


The promise and challenges of machine learning in finance
Natalia Bailey




14


RegTech and new derivatives developments
Jamila D. Burnell and Charmaine Fearon




15


Fintech and regtech: Leading the evolution and regulation of alternative investments
Natasha Bansgopaul




16


Data privacy and alternative data
Ronan Crosson and Dallán Ryan




17


The role of artificial intelligence and big data in investment management
Kishore K. Yalamanchili and Saurav Banerjee




Part 4. Innovation and International Standards




18


Disclosures and market discipline: The promise of regtech
Maximilian Dyck and Murat Abur




19


Digital ID and financial inclusion
Rod Dubitsky and Sian Williams




20


Regulatory sandboxes: Innovation and financial inclusion
Carmelle Cadet




21


Technology and sandbox development innovation in a transitional market: A case study
Samira Kria Chaker




Part 5. Digital Currencies: CBDC, Stablecoin




22


Strategic technology: Regulation and innovation of CBDCs
Frederic de Vaulx




23


Central bank digital currency, regtech and suptech
John Ho




24


Developing the regulatory ecosystem: The evolution of Stablecoin
Min-Si Wang




25


CFTC regtech implications for virtual currency trading
Laura Harper Powell and Bruce Tupper




26


Digital dollar: Cryptocurrency for everyday commerce
Michael Van Bemmelen




27


Conclusion
Ashraf Khan and Majid Malaika