LONDON, Oct. 6, 2020
LONDON, Oct. 6, 2020 /PRNewswire/ -- FNA, a deep technology firm specializing in advanced network analytics and simulations, today announces it has won the G20 TechSprint in the 'Dynamic Information sharing for Supervisors and Regulators in Response to Crises' category.
The G20 is a collaboration between leaders of the largest economies to discuss financial and socioeconomic issues. The G20 TechSprint is a joint initiative between the Bank for International Settlements Innovation Hub (BISIH) and the G20 Saudi Presidency - designed to showcase the potential for new technologies to resolve operational problems in the areas of regulatory compliance (Regtech) and supervision (Suptech). The hackathon-style competition is also supported by the Monetary Authority of Singapore (MAS), the FSB, API Exchange (APIX), and the RegTech for Regulators Accelerator (R2A).
On March 6, 2020 the G20 Finance Ministers and Central Bank Governors issued a statement on COVID-19 stating that they will work closely with the relevant international organizations, with a view to sharing information among other key areas of collaboration. The G20 TechSprint aspires to contribute to the information sharing element, with the view to supporting effective collaboration amongst financial supervisors and regulators across borders given the global reach of the pandemic.
The judges for the awards comprised a panel of high-profile central banks, universities and financial authorities. The inaugural challenge attracted submissions from over 35 countries.
FNA won the Dynamic Information Sharing category with its new G20 Monitor, a solution launching this week that allows financial authorities and institutions to better understand interconnectedness and emerging risk within the global financial system and economy.
Dr. Kimmo Soramäki, Founder and CEO, FNA states: "We are proud to win this prestigious award, and are grateful for the collaboration with the panel of regulators from both emerging and developed markets that supported us during the solution development stage. We believe that the solution will facilitate stronger coordination amongst financial authorities and institutions – as it will support them in formulating and implementing global responses to critical risks. This is especially needed at the time of unprecedented disruptions from the COVID-19 crisis."
FNA is a deep technology company and a leader in Supervisory Technology (Suptech) and Regulatory Technology (Regtech). Its mission is to make the financial system safer and more efficient.
After the financial crisis of 2007-2008, regulators and supervisors recognized the interconnected nature of financial systems and now have access to large amounts of granular, structured and unstructured data. FNA's technology operationalizes this data by utilizing advanced network analytics, simulation and machine learning techniques.
FNA's clients include the world's largest financial authorities, infrastructures and institutions.
About G20 TechSprint
TechSprint is a joint initiative of the BIS Innovation Hub (BISIH) and the Saudi G20 Presidency designed to showcase the potential for new innovative technologies to resolve operational problems in the areas of regulatory compliance (RegTech) and supervision (SupTech). It is being implemented with the support of the Monetary Authority of Singapore (MAS), the Saudi Arabian Monetary Authority (SAMA), the Financial Stability Board (FSB), API Exchange (APIX), and Regtech for Regulators Accelerator (R2A).
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