Singaporean Regtech Tookitaki Among G20 TechSprint Winnersby Fintech News Singapore October 7, 2020
Singaporean regtech firm Tookitaki won in the monitoring and surveillance category for their “Crypto-currency AML Typology Repository Management” solution at the G20 TechSprint challenge.
The hackathon-style competition was launched in April to highlight the potential for technology to resolve regulatory compliance (regtech) and supervisory (suptech) challenges.
The regtech firm recently announced in November 2019 that it had raised US$19.2 million during a Series A funding round.
Besides Tookitaki, 2 other winners were announced by the Bank for International Settlements (BIS) and the Saudi G20 Presidency at the Enabling Regulatory and Supervisory Solutions for the Digital Era symposium.
FNA won the dynamic information-sharing category for their “FNA Platform for Dynamic Information Sharing and Real-Time Analytics (FNA Platform)” solution. Meanwhile, ISDA-REGnosys won the regulatory reporting challenge for their “Consistent Regulatory Reporting via the Common Domain Model” solution.
The winners have been invited to showcase their submissions at the Singapore Fintech Festival, which will run as a hybrid virtual event on 7-11 December, focusing on five global challenges, including building skills for the future, creating the infrastructure for a digital economy and recovering from the Covid-19 pandemic.
The symposium was part of the Saudi G20 Presidency’s programme for digital era supervisory and regulatory issues. It comprised two sessions, with the first offering a platform for the final TechSprint prize winners to share their solutions.
The second tackled problems facing supervisors and financial institutions. Participants included central bank governors, deputies, and heads of international and regional financial bodies, as well as private sector experts. The Saudi G20 Presidency awarded cash prices of US$ 50,000 per problem solved.
Dr Ahmed Alkholifey, Governor of the Saudi Arabian Monetary Authority (SAMA) said,
“It was a great pleasure to announce the winners of the G20’s first-ever TechSprint initiative. The solutions showcased the importance of involving the global fintech community. Despite the disruption caused by the pandemic, we have received a great deal of interest from candidates across the globe, indicating the greater potential of joint public and private sector-led efforts to find solutions to common supervisory and regulatory problems.”
Benoît Cœuré, Head of the BIS Innovation Hub said,
“The TechSprint has been an opportunity to showcase how global collaboration can lead to the development of high-quality regtech and suptech solutions and spur critical innovations to address our common regulatory challenges,”