In this episode, we continued our ongoing series on fintech in Asia by interviewing Simone di Castri, the Managing Director of the RegTech for Regulators Accelerator (R²A). The mission of R²A is to enhance the capacity of financial authorities by harnessing innovative technologies and accelerating promising RegTech (regulatory technology) solutions.
Simone guided us through some of the biggest challenges facing financial authorities, and what technological solutions R²A has been developing to help regulators in emerging markets. R²A has so far been focused on enhancing the capabilities of financial authorities in Mexico and the Philippines to better understand markets and customer needs in data-rich environments. Some of our key takeaways include:
A critical challenge in banking supervision is the time and resources required to manage and validate data collected from financial institutions; R²A is solving this using APIs that connect the central bank to financial institutions.
Fast-moving fintech actors have helped spur financial authorities to be more proactive in adopting new technologies in oversight and regulation.
The views expressed are not necessarily those of the Federal Reserve Bank of San Francisco or of the Federal Reserve System.