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Pacific Alliance – Inter-American Development Bank

USA

USA

Identify the tools and work equipment required to promote the use of technological innovations in the processes of supervising the financial authorities of the country members of the Pacific Alliance (i.e. Chile, Colombia, Mexico and Peru) to respond to the challenges that they face in terms of the scope and effectiveness of supervising these entities.

The Project:

Develop a full diagnostic of the capacity gaps, supervision risks, and recommendations of the main tools required for adequately supervising these risks to each of the financial authorities and regulatory supervisors of the Pacific Alliance (PA) country members. The final purpose of the project is to identify the tools and work equipment required to promote the use of technological innovations in the processes of supervising the financial authorities and respond to the challenges that they face in terms of the scope and effectiveness of supervising these entities.

What is the situation of the Pacific Alliance?

The Ministry of Finance of the PA country members want to promote the development of the fintech industry as an enabler of the transition to a digital economy and strengthen the capacities of regulators and supervisors in the region to contribute to the digital transformation of financial markets.

 

 

The Cambridge SupTech Lab and World Bank value proposition:

  • The PA is working with the Inter-American Development Bank (IADB) to assess the development of the necessary requirements to enable this mandate.
  • To do this, the Lab will provide a full diagnostic of the capacity gaps, comparing the actual estate of the PA members against the market standards and technology tools used by the financial authorities and supervisors from the most developed countries.
  • Once this is completed, the Lab will provide a full report of the diagnostic and a complete proposal to fill these gaps.
  • The Lab will develop a workshop with the financial authorities of each country member of the PA to revise the full diagnostic and recommendations, identify priorities and propose a line of action for each of them to progress to fill the gaps they have.