Cambridge SupTech Lab Receives the Bangko Sentral ng Pilipinas 2024 Outstanding Stakeholder Award
In Recognition of the AI-Based Suptech Prototype Developed for Financial Consumer Protection
3 September 2024 — Cambridge SupTech Lab is honored to be granted the 2024 Outstanding BSP Stakeholder Award from The Bangko Sentral ng Pilipinas (BSP). The Lab is one of 30 outstanding institutional partners of BSP’s Manila headquarters that support the central bank’s mandates of ensuring price stability, financial stability, and a safe and efficient payments and settlements system.
The Lab is being recognised for the prototyping of a Market Conduct Web Surveillance System, a financial consumer protection supervisory technology (suptech) tool developed in partnership with Winnow Technologies that scrapes, analyses, and visualises consumer sentiment from social media and other online sources, which will help facilitate forthcoming market conduct supervision activities at BSP. 20240806-BSP-Case-Study_v1.5-1.pdf (ccaf.io)
The production-ready prototype for BSP was one of five concepts selected for development from dozens of innovative capstone projects crafted by participants in the Lab’s Capacity Building and Education programme. https://lab.ccaf.io/capacity-building-and-education/. With its mission to accelerate the roll-out of scalable, cutting-edge suptech solutions – streamlining everything from de-risked vendor selection and procurement to agile prototyping and testing – the Lab selected the BSP proof of concept for its Application Incubation programme.
Application Incubation is the Lab’s accelerator for financial authorities and technology vendors to co-create and deploy suptech applications. https://lab.ccaf.io/application-incubation/. Through a detailed vendor selection process facilitated by an independent panel of global context experts, the Lab brought on Winnow Technologies, with funding provided by the Bill and Melinda Gates Foundation, to create the prototype for BSP.
Using artificial intelligence (AI) to provide a nuanced understanding of consumer sentiment and Natural Language Processing (NLP) to model trending topics, the prototype delivered interactive dashboards for visualising data and reporting insights from web-based sources. A centralised data warehouse was established to consolidate various data streams, including consumers’ complaints, enabling comprehensive correlation studies and analyses.
“Fully integrated data from the web scraping application and various added data sources form a valuable foundation for shaping future consumer protection and market conduct policies. This comprehensive dataset also allows for continuous evaluation of regulatory policies adapting to evolving market dynamics and addressing emerging consumer protection needs,” explained Alvin Tolosa, Consumer Protection and Market Conduct Office of the BSP.
Matt Grasser, Co-Head of Cambridge SupTech Lab, said, “We are incredibly honored to have this recognition from the BSP bestowed upon us. We have deeply appreciated the partnership and engagement in innovation that the BSP has demonstrated over the years, which has been foundational to our mutual success. We look forward to continuing this long-standing relationship and to enjoying more successes as we work to advance the state of suptech together.”
Simone di Castri, Co-Head of Cambridge SupTech Lab, said, “The award is a testament to the collaborative efforts between our teams, and we are excited to continue building on our shared achievements. The leadership and vision of BSP Deputy Director Rochelle Tomas, Deputy Governor Bernadette Romulo-Puyat and the entire BSP team have set a benchmark for others to follow. We look forward to more opportunities to work together in driving innovation and setting new standards in the sector.”
The BSP discussed the prototype at the Lab’s inaugural, global, virtual event, SupTech Week, with the World Economic Forum and the Bank for International Settlements Innovation Hub as content partners. View the recorded session here: https://lab.ccaf.io/video/2023-launchpad-prototype-demos-advanced-ml-ai-consumer-protection-suites/
The next SupTech Week event is planned for the week of 9th December 2024. Save the date!
About the Cambridge SupTech Lab
The Cambridge SupTech Lab accelerates the digital transformation of financial supervision and supervisory agencies. The Lab delivers online leadership education, experiential training, research and market intelligence, new analytical frameworks, innovative digital tools, and cutting-edge suptech applications. It drives collaboration across the ecosystem of financial supervision to empower a financial sector that is more sustainable and inclusive. Cambridge SupTech Lab is an initiative of the Cambridge Centre for Alternative Finance at the University of Cambridge Judge Business School. (www.cambridgesuptechlab.org).
