Financial Authorities In The Era Of Data Abundance
Financial service providers are quickly adopting regulatory technology (RegTech) to ease the burden of compliance. This white paper shows how authorities can use RegTech for regulators (RegTech²) to improve their own approaches. With the support of the Bill & Melinda Gates Foundation, Omidyar Network, and USAID, BFA under the RegTech for Regulators Accelerator (R²A) project has prototyped solutions with CNBV in Mexico and BSP to prove these RegTech² tools can help authorities absorb, secure, and analyze this data tide to their advantage. These prototypes and a data stack solution pioneered with Nigerian financial authorities shows that tools like APIs, artificial intelligence, machine learning, chatbots, and data stacks represent the next generation of aids in policymaking and oversight.