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The European Banking Authority (EBA) published a report on RegTech in the EU financial sector. The report assesses the overall benefits and challenges faced by financial institutions and RegTech providers in the use of RegTech. It also identifies potential risks arising from RegTech solutions that supervisors will need to address and proposes actions designed to enhance knowledge and skills in competent authorities. These actions also aim to ensure technological neutrality in regulatory and supervisory approaches to RegTech, whilst addressing any inadvertent obstacles within the Single Market to facilitate the adoption of RegTech across the EU.

The Financial Stability Board (FSB) published a report on the use of supervisory (SupTech) and regulatory (RegTech) technology by FSB members and regulated institutions. The report finds that technology and innovation are transforming the global financial landscape, presenting opportunities, risks and challenges for regulated institutions and authorities alike. The report includes 28 case studies giving practical examples on how SupTech and RegTech tools are being used. https://www.fsb.org/2020/10/fsb-report-highlights-increased-use-of-regtech-and-suptech/

The Monetary Authority of Singapore (MAS) announced a new Regulatory Technology (RegTech) grant scheme and an enhancement of the Digital Acceleration Grant (DAG) scheme to accelerate technology adoption in the financial sector. MAS will commit $42 million for the RegTech grant scheme and enhanced DAG scheme. The RegTech grant scheme, aims to promote the adoption and integration of technology solutions in Singapore-based financial institution (FI) risk management and compliance functions. The DAG helps smaller FIs and FinTech firms adopt digital solutions to better cope with the impact of COVID-19, and to position themselves for subsequent recovery and growth.

The Australian Securities and Investments Commission (ASIC) will be working with five regulatory technology (regtech) entities for the Business Research and Innovation Initiative (BRII) Regulatory Technology (Regtech) Round. ASIC's challenge in this latest round is to explore the potential of using technology to help identify and assess poor market disclosure by listed companies.

The HKMA has developed a two-year roadmap to promote Regtech adoption in the Hong Kong banking sector. the HKMA commissioned an external consultant to explore the current state of Regtech in Hong Kong, examine common practices and barriers to adoption, and outline a roadmap to accelerate adoption in the banking sector.

The G20 and the Bank for International Settlements Innovation Hub launched the G20 TechSprint Initiative to highlight the potential for new technologies to resolve regulatory compliance (RegTech) and supervision (SupTech) challenges. The BIS Innovation Hub published high-priority RegTech/SupTech operational problems and invited private firms to develop innovative technological solutions. The problem statements identify challenges in regulatory reporting, analytics, and monitoring and supervision, and have been developed from submissions received from Financial Stability Board member jurisdictions.

Between Citbank, Westpac, and Commonwealth Bank of Australia (CBA) there are plenty of compliance-related problems to solve, and each company is looking at regtech solutions to make it happen.

The Australian Prudential Regulation Authority (APRA) has published its submission to the Senate Select Committee on Financial Technology and Regulatory Technology. The submission outlines how APRA is evolving its regulatory framework and approach to support the developing FinTech and RegTech sector, while ensuring risks are appropriate managed in line with APRA's mandate of financial soundness and stability.

The Financial Stability Board published a letter from its Chair Randal K. Quarles to G20 Finance Ministers and Central Bank Governors ahead of their meetings in Riyadh later this week. The letter notes that the global financial system is constantly facing new challenges. Technology is changing the nature of traditional finance; the non-bank sector has grown and requires deeper understanding and coordination among the supervisory and regulatory community. Pressures that can lead to market fragmentation exist. Concurrently, important supervisory and regulatory issues require attention, including stablecoins, cross-border payments, and "Tech" (particularly BigTech, RegTech, and SupTech).

The Ministry of Finance will be directly involved in the development of financial technologies in Bulgaria by setting up a regulatory box (Sofia RegTech Sandbox) and participating in its management.

The Financial Action Task Force issued an official statement encouraging "the use of technology, including Fintech, Regtech and Suptech to the fullest extent possible" in light of social distancing measures, including for digital customer onboarding.

As a result of the digitization and datafication of finance, combined with new technologies, cybersecurity and technological risks are now evolving into major threats to financial stability and national security. In addition, the entry of major technology firms into finance - TechFins - brings new issues. The first arises in the context of new forms of potentially systemically important infrastructure (such as data and cloud services providers). The second arises because data - like finance - benefits from economies of scope and scale and from network effects and - even more than finance - tends towards monopolistic or oligopolistic outcomes, resulting in the potential for systemic risk from new forms of "Too Big to Fail" and "Too Connected to Fail" phenomena. This paper suggests some basic principles about how such risks can be monitored and addressed, focusing in particular on the role of regulatory technology ("RegTech").

The Securities Industry and Financial Markets Association published a report covering FinTech and opportunities in capital markets. On RegTech, the report states that market participants "are focused on adding fintech applications to existing compliance systems. Additionally, market participants indicate the need for standardization before moving into optimization, a longer-term strategy.

The Bank for International Settlements (BIS) announced the three winners of the G20 TechSprint challenge. The hackathon-style competition was launched in April 2020 to highlight the potential for technology to resolve regulatory compliance (regtech) and supervisory (suptech) challenges. The winners, chosen by an independent panel of experts, addressed one or more of its three problem topics. FNA won the dynamic information-sharing category for their solution FNA Platform for Dynamic Information Sharing and Real-Time Analytics, Tookitaki won in the monitoring and surveillance category for their solution Crypto-currency AML Typology Repository Management and ISDA-REGnosys won the regulatory reporting challenge for their solution Consistent Regulatory Reporting via the Common Domain Model.

The Reserve Bank of India is drawing on new technology to support its supervision as it looks to keep up with the proliferation of fintech firms in the country, governor Shaktikanta Das said in recent remarks.

A Thomson Reuters Regulatory Intelligence report sheds further light on the impact that technology is having on the role of compliance within financial service firms. It highlights the ebb and flow of attitudes on the adoption and use, in practice, of technology in financial services. It also examines the shifting role of the regulator and global concerns over tackling rising cyber-risk.

The Bank for International Settlements (BIS) and the Bank of England today launched the BIS Innovation Hub London Centre. The Hub's work program is currently focused on the use of technological innovation in supervision and regulation (suptech and regtech); next-generation financial market infrastructures; central bank digital currency (CBDC); open finance; cyber security; and green finance. Work related to these themes is distributed across the various Hub Centres.

The Bank for International Settlements' Innovation Hub (BISIH) set out its work program, focusing on six key areas; suptech and regtech, next-generation financial market infrastructures, central bank digital currency (CBDC), open finance, green finance, and cyber security. The CBDC theme will include a proof of concept platform using multiple wholesale CBDCs to explore the feasibility of faster and cheaper cross-border payments, and a technological research project and associated prototype(s) for tiered retail CBDC distribution architectures.

The Bank for International Settlements (BIS), Danmarks Nationalbank, Central Bank of Iceland, Norges Bank and Sveriges Riksbank today launched the BIS Innovation Hub Nordic Centre in Stockholm. The BIS Innovation Hub's work programme is currently focused on six areas: suptech and regtech; next generation financial market infrastructures; central bank digital currencies; open finance; cyber security; and green finance. Work related to these themes is spread among the various Hub Centres, although specific projects have not yet been finalised for the Nordic Centre.

Topics under consideration for the work agenda include central bank digital currencies, global stablecoins, payment innovations, the impact of big tech on financial intermediation, regtech and suptech, fast-paced electronic markets, and digitalisation of trade finance.