Technology-enabled innovation in financial services (FinTechs) and Digital Financial Services (DFS) are transforming the global financial landscape, presenting opportunities, risks and challenges for regulated institutions and authorities alike. These developments which come with a set of emerging challenges and concerns for regulators and the regulated institutions, such as cybersecurity threats, data security, privacy and protection, money laundering/terrorism financing (ML/TF) risks have triggered a comprehensive reform of the financial regulatory architecture, as well as a profound rethinking of the effectiveness of financial supervision.

To address these challenges, it is important that authorities and regulated institutions embrace innovative technological solutions. One significant area of innovation is the application of new technologies to help authorities to improve their supervisory and regulatory capabilities – known as ‘SupTech’ and ‘RegTech’ for Regulators — and by institutions to meet their regulatory requirements – known as ‘RegTech’. These new technologies, SupTech and RegTechs for Regulators and regulated institutions have important benefits for financial stability. For regulators, the use of SupTech improves oversight, surveillance and analytical capabilities, and generate real time indicators of risk to support forward looking, judgement based, supervision and policymaking. While for regulated institutions, the use of RegTech could improve compliance outcomes, ease regulatory burden and streamline reporting processes, enhance risk management capabilities and generate new insights into the business for improved decision-making.

Despite the opportunities and benefits which SupTech and RegTech brings, regulatory authorities and financial service providers are vigilant to possible risks that could arise from the use of such technologies. These risks include, the risks of skills and resourcing, cyber risk, reputational risk, data quality issues, over reliance on the SupTech & RegTech tools and the potential for limited transparency or “explainability” in the design and output of the tools. To navigate the complexities in the use of these technologies, financial regulators and regulated institutions need to develop capabilities and adapt these tools for effective and efficient regulation compliance, supervision and oversight outcomes.

It is against this background that FITC is organizing a 5- day programme on SupTech & RegTech: Disruptive Technologies in Reporting, Regulation & Supervision of Digital Financial Services – Challenges & Opportunities for players in the Financial System to support regulators and regulated institutions build a resilient financial system.

Target participants:
This course is designed to equip regulators – Central Banking Authorities in Africa and their regulated institutions and other key stakeholders in the financial services sector with practical knowledge on the design, adoption and implementation of RegTech and SupTech tools that engenders regulatory and supervisory agility and financial system stability. It is also t targeted towards professionals involved in payments, digital banking transformation, Stockbroking and Dealing Companies, Payment Service Providers, Payment Systems and Gateways and Corporate Payment Systems, Correspondent Banking, and operators in the FinTech ecosystem.

Learning objectives
Recall the rapid growth in the global financial landscape fuelled by digital financial innovation and technology in financial services.

Understand the role of financial authorities and regulated institutions in the globalization of finance and developments in Digital Financial Services.

Analyse RegTech and SupTech’s foundations and how they impact Central Banks, regulated institutions, and financial services.

Identify the underlying technologies that revolutionized FinTech, RegTech, and SupTech

Examine the potentials of RegTech and SupTech for regulator and supervisor processes: benefits, challenges, and risks for authorities and regulated institutions.

Methodology Classroom-style lectures, syndicate sessions, role plays, relevant case studies and study tours.

COURSE FEE
$4,000.00 (Three Thousand, Five Hundred Dollars.) (This fee covers tuition and full course documentation, but EXCLUDES Accommodation, Air fare and other travel costs).

Refund of Fee: Fees paid for participants who do not turn up eventually would be refunded, subject to a deduction of 25% administrative cost.

Account Name: Financial Institutions Training Centre

Bank Name: GT Bank

Account Number: 0129551101

Sort Code: 058-152052

Swift Code: GTBINGLA

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