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In the SupTech Loop #3

Hi Suptech Community,  

Welcome to the Cambridge Suptech Lab bi-weekly LinkedIn newsletter, a source for updates on recent innovations, breakthroughs, opportunities, and upcoming events in the field of suptech, as well as news from the Cambridge SupTech Lab team.

If you would like to flag any items for inclusion in the next newsletter, please email us at cambridgesuptechlab@jbs.cam.ac.uk. Occasionally, we also connect with our global community of supervisors, data scientists, vendors and suptech experts via email to share event invites, news or new courses – subscribe here.


  • European Supervisory Authorities (ESAs) present a common understanding on greenwashing in the financial sector and caution on its dangers. The European Banking Authority (EBA), European Securities and Markets Authority (ESMA) and European Insurance and Occupational Pensions Authority (EIOPA) have published their progress reports to the European Commission on greenwashing. The reports provide a common high-level understanding of greenwashing as a practice where sustainability-related statements/declarations do not clearly and fairly reflect the underlying sustainability profile of an entity. They further highlight the impact and risks of green washing across the banking, financial markets insurance and pensions sectors as well as the supervisory response to addressing greenwashing risks taken by EIOPA and the National Competent Authorities (NCAs). The final report will be published in May 2024. Read more here.

Suptech Innovations 

  • Athena, a new artificial intelligence (AI) natural language processing (NLP) tool from the European Central Bank (ECB), is addressing supervisory and regulatory blind spots. Thanks to Athena, more than 1,000 supervisors can examine at least 5 million documents across the Single Supervisory Mechanism. The ECB was recognised at the Central Banking FinTech & RegTech Global Awards 2023 for this forward-looking regulatory and supervisory AI technology. Read more here.
  • ASTERisC*, a cloud based regtech and suptech solution developed by Bangko Sentral ng Pilipinas (BSP) is automating the central bank’s cybersecurity supervision, while streamlining compliance for institutions. Through ASTERisC*, financial institutions can access and submit cybersecurity related data in real time as BSP conducts deeper analyses and correlations of the information. As a result, BSP received the Cyber Resilience Initiative award at the 2023 FinTech & RegTech Global Awards organised by Central Banking. Read more here.
  • Bank of Mongolia’s big data project. Bank of Mongolia’s unified data model pulls granular data daily from all banks in its jurisdiction. The model covers new dataset such as green taxonomy, merchant category code, management gender, postcode and International Standard Industrial Classification of All Economic Activities (ISIC), in addition to traditional financial data. The new data points allow for more comprehensive stress-testing. The project, which helped the Bank garner the Pioneer Award at the Central Banking FinTech & RegTech Global Awards 2023, was developed in part with knowledge-sharing with the Bank of Korea. Read more here.

Research Spotlight  

  • Suptech in Insurance supervision. In this paper, the Bank for International Settlements (BIS) highlights the use of suptech in insurance supervision. It provides concrete examples of how 22 insurance supervisors utilise suptech tools and examines 38 suptech tools, categorised based on their intended purpose, such as prudential or conduct supervision, or a combination of both. Numerous insurance supervisors are actively working towards developing integrated systems that encompass various applications and that streamline the entire supervisory process. Read more here.
  • EU-US insurance dialogue project innovation and technology workstream June 2023 summary report. The Innovation and Technology Workstream of the EU-US Insurance Dialogue Project was established to further investigate issues pertaining to big data and artificial intelligence/machine learning (AI/ML) in the insurance industry and the effects of these practices on historically underrepresented groups. The workstream exchanged insights on cybersecurity developments as well as their experiences on the use of supervisory technology (Suptech) as a tool for market conduct and prudential supervision. Read more here.
  • Demystifying Risk – The Frontiers of Banking Regulation and Compliance. This engaging discussion between Tim Roberts, Partner and Managing Director at AlixPartners, and Elizabeth McCaul, a Supervisory Board Member of the European Central Bank (ECB), explores the dynamic realms of banking regulation and compliance. Their insightful dialogue covers various topics, including the profound influence of geopolitical events, the pressing concern of cyber risk and the need for operational resilience, governance and the dangers associated with integrating artificial intelligence (AI), and oversight of cryptocurrency assets. The discussion highlights the need to create global international regulations to achieve global cooperation and have rigorous oversight in the rapidly evolving financial services market. Listen more here.

Industry News  

  • European Supervisory Authorities publish Data Point Modelling (DPM) Standard 2.0. The European Banking Authority (EBA) and European Insurance and Occupational Pensions Authority (EIOPA) have published Data Point Modelling (DPM) Standard 2.0. to promote cooperation and harmonisation in supervisory reporting. The DPM Standard 2.0. enhances and evolves the current 1.0. standard, thus creating a fully consistent approach for modelling reporting requirements. Read more here.
  • Project Leap proves the viability of a quantum-safe financial system. Project Leap, a collaboration between BIS Innovation Hub Eurosystem Centre, Banque de France and Deutsche Bundesbank, successfully set up a quantum-safe communication channel that shields financial data. The project seeks to address the threat that future quantum computers represent to current cryptographic algorithms, and as a result, to the confidentiality of financial data. Read more here.
  • Hong Kong legalises retail crypto trades. Hong Kong’s Securities and Futures Commission (SFC) has introduced a new licensing regime, allowing licensed virtual asset providers to serve retail investors. SFC began accepting applications for crypto trading platform licenses on June 1, 2023. To protect investors, the SFC will implement several measures including ensuring suitability in the onboarding process, good governance, enhanced token due diligence, admission criteria and disclosures. Read more here.
  • Thailand Launches Retail CBDC Pilot Project. Thailand has launched a pilot test for a retail Central Bank Digital Currency (CBDC), aiming to assess the viability and benefits of a digital currency for retail transactions. The test involves real-world scenarios, user feedback, and focuses on various aspects such as user experience and security. The initiative aligns with Thailand’s goal of embracing technology and promoting a digital economy. Read more here.


  • The Monetary Authority of Singapore (MAS) Launches AI-focused Global FinTech Hackcelerator 2023. MAS has launched the 8th edition of the Global FinTech Hackcelerator, titled “Artificial Intelligence (AI) in Finance Global Challenge” to develop novel, market-ready AI solutions that have the potential to revolutionise the financial services sector. The competition has 16 problem statements focusing on four crucial areas where AI can be used more effectively to produce stronger outcomes: (i) Elevating customer experience; (ii) enhancing operational efficiency; (iii) strengthening risk, compliance and fraud monitoring; and (iv) enabling environmental, social and governance (ESG) solutions. Interested parties worldwide are encouraged to submit their applications by 18th July 2023. Read more here.
  • Payment System modernisation (Licensing: Defining payment functions). The Australian Government treasury has issued a consultation paper seeking input into the list of payment functions that are intended to underpin a new licensing framework for payment service providers. Preliminary views on the proposed licensing framework are welcomed as part of this consultation and the closing date for submissions is 19th July 2023. Read more here.

In case you missed it… 

  • Supervisory Implications of artificial intelligence (AI) and machine learning (ML). Financial institutions are increasingly adopting AI/ML solutions, which bring opportunities and risks. This publication sets out the risks that the use of AI and ML poses to financial institutions, financial stability and consumers, as well as some frameworks for considering how a supervisory authority might respond to these risks. Some of these risks can be viewed as the impact of the use of AI and ML on traditional risks while others are new, particularly those relating to the explainability and robustness of models, fairness, and ethics. Read more here.

Upcoming Events 

  • Risk Based Capital Framework and Solvency Program. Toronto Centre in partnership with the Association of Southeast Asian Nations (ASEAN) Insurance Training and Research Institute (AITRI) will be hosting an online regional risk-based program for insurers, supervisors and regulators between 3rd and 7th of July 2023. The program will cover the following topics: Risk-based capital, solvency and capital adequacy, related valuation and accounting issues, role of actuaries, stress testing and the role of suptech in risk-based capital and solvency. Read more here.
  • Artificial Intelligence to take centre stage at the Singapore FinTech Festival (SSF) 2023. The Monetary Authority of Singapore (MAS) and Elevandi have jointly revealed that the upcoming SSF event will focus on applications of Artificial Intelligence (AI) within the financial services industry. This event will be held from 15th to 17th of November at the Singapore EXPO, with The Capital Meets Policy Dialogue, Elevandi Insights Forum and the annual Innovation Lab Crawl taking place on 13th and 14th of November. Read more here.



Cambridge SupTech Lab

Cambridge SupTech Lab


Jose Miguel Mestanza Hirakata

Cambridge SupTech Lab


Juliet Ongwae

Cambridge SupTech Lab


Kalliopi Letsiou

Cambridge SupTech Lab


Matt Grasser

Cambridge SupTech Lab


Matt Grasser and Kalliopi Letsiou

Cambridge SupTech Lab


Simone di Castri

Cambridge SupTech Lab

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