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In the SupTech Loop #4

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.

Highlighted 

  • High priority alert: The Australian Securities and Investments Commission (ASIC) cautions markets on rush to Artificial Intelligence (AI). Speaking at the ISMA/AFMA forum, the chair of ASIC, Joe Longo, called on the financial sector to help safeguard market integrity and avoid any ‘unintended consequences’ in their rush to adopt AI. There are potential pitfalls associated with the rapid adoption of AI, including algorithmic biases, data quality issues, and the potential for market manipulation. Read more here 

Suptech Innovations 

  • Zambia’s integrated Regtech, Suptech, and Analytics platform. The Securities and Exchange Commission (SEC) Zambia has partnered with Innova to pilot the Integrated RegTech, SupTech & Analytics Platform with five capital market stakeholders. The collaboration has resulted in the implementation of a secure cloud-based platform that provides regulators with added tools for various analytical functions such as: a) Statistical & Trend Analysis b) Risk Based Supervision Analysis c) Regulatory Oversight per asset class per fund manager, custodian and sector. Read more here.

Research Spotlight  

  • Big Data applications in monetary policy and financial stability for SEACEN member economies: the case of Bank Indonesia. The paper highlights the role of Big Data analytics in shaping monetary and macroprudential policies for central banks. It has also become an indispensable tool for supervising and regulating the financial system. Bank Indonesia, as a member of SEACEN, has developed and utilised Big Data analytics through 40 pilot projects since 2015 to strengthen the process of formulating monetary, macroprudential and payment system policies. Read more here.
  • Bank for International Settlements – BIS and Bank of England (BoE) complete the development of application programming interface (APIs) prototypes for retail CBDC ecosystems. The recently completed Project Rosalind, a joint experiment run by the BIS and BoE on central bank digital currencies (CBDCs), has developed 33 API functionalities and explored more than 30 retail CBDC use cases. The project provided lessons on key aspects of a retail CBDC system, such as API design, privacy models, security and private sector programmability. Read more here.

Industry News  

  • Reserve Bank of India (RBI) launches Centralised Information Management System (CIMS). The RBI has upgraded its information management framework with the introduction of CIMS, a next generation data warehouse. The system will improve policy making via refined statistical analysis and management of big data flows. Read more here.
  • The World Economic Forum releases white paper on Central Bank Digital Currency (CBDC) Global Interoperability Principles. The Forum published principles for CBDC interoperability while warning of a possible split along geopolitical lines. The principles include both those that are widely applicable to interoperability and the ones specific for interoperable governance, legal and regulatory regimes, identification and authentication arrangements, various payment systems, and technical solutions. Read more here.
  • Bangko Sentral ng Pilipinas (BSP) launches Open Finance PH pilot to foster financial inclusion. BSP alongside the International Finance Corp. and The World Bank unveiled the Open Finance PH Pilot, allowing financial institutions to empower customers by providing more control over their data and expanding financial inclusion.  The program enables eligible BSP-supervised financial institutions to securely share customer data through Application Programming Interfaces (APIs), enabling innovative financial products and services. Read more here.
  • The Monetary Authority of Singapore (MAS) introduces new investor measures for Digital Payment Token (DPT) services. MAS has announced new requirements for DPT service providers to safekeep customer assets under a statutory trust before the end of the year. The measures seek to mitigate the risk of loss or misuse of client assets and facilitate the recovery of customers’ assets in the event of a DPT service provider’s insolvency. MAS will also restrict DPT service providers from facilitating lending and staking of DPT tokens by their retail customers. Read more here.
  • New York’s Department of Financial Services (DFS) is buying a supercomputer to understand and regulate AI. The DFS is investing in a supercomputer and hiring professionals in abid to bolster its AI capabilities, better understand AI technologies, and develop more effective regulations to navigate the rapidly evolving AI landscape. The move signifies the state’s commitment to advancing AI research and development. Read more here.

Opportunities 

  • Secondment opportunities at the BIS Innovation Hub. The BIS innovation hub is looking for multiskilled and talented individuals with a deep passion for technology and innovation. It is a co-funded arrangement where the secondee remains an employee of the seconding organisation and therefore continues to receive a full salary from the sending organisation. The BIS will provide a monthly living allowance, temporary furnished accommodation, health insurance and return flights. If you are curious about emerging trends in technology and wish to contribute to a dynamic and thought-provoking programme of work at the BIS. Read more here.
  • The Monetary Authority of Singapore (MAS) launches public consultation on code of conduct for providers of ESG ratings and data products. MAS has proposed a code of conduct for providers of ESG ratings and data products. The proposed code of conduct establishes minimum industry standards of transparency in methodologies and data sources, governance, and management of conflicts of interest. Interested parties are invited to submit their comments by 22 August 2023. Read more here.

In case you missed it…

  • Impact of COVID-19 on market conduct supervision. The pandemic expanded the development and use of suptech tools. These tools helped supervisors to monitor regulated entities’ activities and advertisements, receive and process entities’ information, and handle complaints against regulated entities. Read more here.
  • Recordkeeping expectations rise with the evolution of supervisory technology – ‘Suptech’.  This blog delves into the implications of suptech adoption, highlighting the need for accurate, comprehensive, and easily accessible records to support effective supervision and regulatory compliance. Read more here.
  • The big data challenge: How SupTech is transforming regulatory expectations. This article discusses how suptech is reshaping the landscape of financial regulation by harnessing the power of big data analytics. It highlights the increasing demand for comprehensive data collection, analysis, and storage capabilities to meet regulatory requirements effectively and examines the evolving role of suptech in enhancing regulatory oversight, risk management, and compliance processes. Read more here.

Upcoming Events

  • AIR – Alliance for Innovative Regulation and Cambridge SupTech Lab announce virtual hackathon exploring consumer protection innovations. The Cambridge SupTech Lab at the Cambridge Centre for Alternative Finance (CCAF) and the Alliance for Innovative Regulation (AIR), will be holding a virtual hackathon from 26th July to 3rd August to help financial supervisory agencies make better use of consumer complaints and other supervisory data. The SupTech Hackathon 2023 event focuses on accelerating solutions for this year’s theme, Beyond Chatbots: Consumer Complaints Analytics. It is intended to identify ways for financial authorities to leverage advanced analytics of complaint data submitted through government portals, innovative chatbots and other channels. Data scientists, innovators and technologists are invited to apply their expertise to make a positive impact on financial consumer protection and market conduct. Read more here.

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Authors
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Cambridge SupTech Lab

Cambridge SupTech Lab

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Jose Miguel Mestanza Hirakata

Cambridge SupTech Lab

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Juliet Ongwae

Cambridge SupTech Lab

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Kalliopi Letsiou

Cambridge SupTech Lab

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Matt Grasser

Cambridge SupTech Lab

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Matt Grasser and Kalliopi Letsiou

Cambridge SupTech Lab

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Simone di Castri

Cambridge SupTech Lab

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