Webinar – SupTech: How can technology help to achieve better policy and regulation?
SupTech: How can technology help to achieve better policy and regulation?
12 February 2019, 3 pm EAT
Most central banks face significant challenges to collect and analyze supply and demand side data. For example, collecting and validating banks’ compliance reports is a burdensome task. Moreover, the unprecedented growth of digital financial services (DFS) over the past decade poses new opportunities as well as challenges for financial authorities. New digital products, platforms, and players have increased the size and complexity of the financial ecosystem that regulators and supervisors are tasked with overseeing. For instance, mobile money services that have arguably been instrumental in reducing financial exclusion are also posing significant regulatory and supervisory challenges to consumer protection while simultaneously addressing risks to financial integrity and stability. The effectiveness of anti-money laundering supervision is also disputable – almost 70% of illicit finance flows through formal financial institutions while less than 1% is seized and frozen. Moreover, as financial systems digitize, financial authorities ought to focus on not only enhancing their regulatory and supervisory capacities but also on promoting innovation, competition and data security and protection.
BFA has been engaging with financial authorities and governments in emerging markets to create solutions and devise strategies to cope with increasingly complex, digital and data-driven financial marketplace. Simone di Castri, Policy & Ecosystem Development Director, and Aneth Kasebele, Associate and Measurement Expert will be presenting BFA engagements on these issues to:
- Share insights from recent and ongoing engagements with financial authorities on projects related to the development of new supervisory data architectures, including RegTech/SupTech solutions adoption, payment systems data stack and the use of supply-side gender-disaggregated data in tracking women financial inclusion.
- Highlight data management challenges experienced by financial authorities and appetite to digitize regulatory and compliance processes for better use of technology and data science tools such as machine learning and AI.
Explore FSDs current and potential engagements with financial authorities in their respective countries and potential areas for collaboration.
Profiles of the presenters
Simone di Castri, Policy and Ecosystem Development Practice Director
Simone is an expert in policy development for financial and digital inclusion, with a focus on emerging markets. He has worked with global standard setters, senior policymakers, regulators, and private sector executives from more than 40 countries, designing and implementing new policies to improve the efficiency of the financial sector and the digital ecosystem.
Aneth Kasebele, Policy and Ecosystem Development Practice Data Expert
Aneth is an international development specialist with a focus on inclusive finance policies and ecosystem development in emerging markets with BFA. Her work centers around creating an enabling regulatory and supervisory environment for digital financial services (DFS) by equipping the financial authorities with the analytical tools and data infrastructures needed to supervise DFS providers confidently.
Moderator: Marion Kimani, FSD Africa