On 31 March 2022, the Bank for International Settlements (BIS) Innovation Hub Singapore Centre and the Monetary Authority of Singapore (MAS) announced a new prototype integrating regulatory data and analytics. Project Ellipse is a cross-border common data model that could be shared by supervisory authorities around the globe. It applies machine learning and natural language processing to unstructured and granular reporting data, allowing for the identification of risk correlations and sentiment analysis to produce real-time alerts that will enable supervisors to timely conduct investigations.
The prototype successfully integrates structured and unstructured data, from regulatory reports, articles and news, into a single platform to identify potential risks to individual banks and the banking system.
A collaboration community will be launched to share, further test, customise and scale this prototype, the first to be published on BIS Open Tech, a new platform for sharing statistical and financial software as public goods, thereby promoting international cooperation and coordination.