A Roadmap to SupTech Solutions for Low Income (IDA) Countries
The digitalization and development of new financial products accelerated by Coronavirus 2019 (COVID-19) crisis will transform drastically the financial sector of all countries in the following years. Consequently, this will also lead to the transfo...
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| Format: | Working Paper |
| Language: | English |
| Published: |
World Bank, Washington, DC
2020
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| Online Access: | http://documents.worldbank.org/curated/en/108411602047902677/A-Roadmap-to-SupTech-Solutions-for-Low-Income-IDA-Countries http://hdl.handle.net/10986/34662 |
| Summary: | The digitalization and development of
new financial products accelerated by Coronavirus 2019
(COVID-19) crisis will transform drastically the financial
sector of all countries in the following years.
Consequently, this will also lead to the transformation of
supervisory processes, which can be greatly benefit from the
support of supervisory technology (SupTech) tools. Even
though there is a great potential for SupTech tools to
support and enhance the supervisory processes, many
supervisors are still struggling to find the right balance
between functionalities, costs, and implementation
approaches of SupTech tools. To support financial sector
supervisors, forge their understanding and provide practical
information on how to implement SupTech tools, this paper
provides a step-by-step guide and use cases. The paper
presents the main challenges faced by the supervisory
authorities, provides different governance models used
globally, and guidelines for the development of the SupTech
strategy and its implementation for prudential and
anti-money laundering and combating the financing of
terrorism (AML and CFT) use cases. |
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