Regtech, Suptech and Beyond: Innovation in Financial Services
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Data privacy and alternative data
Ronan Crosson and Dallán Ryan
Foreword
Preface
Preface
Introduction: Suptech/regtech defined: Payments, sandboxes and beyond
The uncertain prudential treatment of cryptoassets
US regulatory certainty versus uncertainty for crypto and blockchain
Bermuda: Suptech and regtech supporting the risk-based approach
Suptech: A new era of supervisory philosophy
Cloud computing in the financial sector: A global perspective
DeFi protocol risks: The paradox of cryptofinance
IT transformation in the Prudential Authority of South Africa: A case study
Making the vision a reality: Perspectives from the Monetary Authority of Singapore
Lessons from Hong Kong through the lens of the HKMA
Technological change: Is it different this time?
The ECB’s suptech innovation house: Paving the way for digital transformation of banking supervision
China’s financing opening up and regulatory convergence with the world
Disclosures and market discipline: The promise of regtech
Regtech and new derivatives developments
Fintech and regtech: Leading the evolution and regulation of alternative investments
The role of artificial intelligence and big data in investment management
The promise and challenges of machine learning in finance
Data privacy and alternative data
Digital ID and financial inclusion
Strategic technology: Regulation and innovation of CBDCs
Regulatory sandboxes: Innovation and financial inclusion
Technology and sandbox development innovation in a transitional market: A case study
Developing the regulatory ecosystem: The evolution of stablecoin
Central bank digital currency, regtech and suptech
Digital dollar: Cryptocurrency for everyday commerce
CFTC regtech implications for virtual currency trading
Fintech, regtech, suptech and central bank decision making
This chapter is an exploration into developments in data privacy, particularly how they are impacting the availability of alternative data and regulatory oversight. Consideration is given to three areas: data privacy; data sources in the regulatory spotlight; and legal considerations surrounding alternative data. Increasingly, these factors along with the consumer protection movement have been the main drivers of regulatory change.
With ever-evolving data privacy regulations across the US and in Europe, regulatory technology (regtech) and supervisory technology (suptech) may be the most cost-efficient and effective answer for financial institutions and corporates concerned about the huge amounts of data they store. Harnessing these new technologies not only improves the overall process around addressing data privacy, but also guarantees the safety of stakeholder data and solidifies the relationship between innovation and regulation.
The goal of the chapter is to highlight changes in data privacy and what the drivers of these changes are. The importance of delivering trust and transparency is more important than ever, and through the rapid increase in regulations some
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