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The Bank for International Settlements (BIS) has unveiled the shortlist of competitors in a virtual hackathon to tackle “regtech” challenges.

The BIS Innovation Hub announced that its regtech hackathon, G20 TechSprint, received 128 submissions from 35 countries.

Of those entries, 20 teams were shortlisted and presented their solutions to a panel of judges on Aug. 6 and 7. The final judging is scheduled for October.

“Financial regulation must modernize for the digital age so that regulators can keep pace with the rapid digitization of the financial services industry they oversee,” said Jo Ann Barefoot, co-founder and CEO of the Alliance for Innovative Regulation and a member of the judging panel. “This TechSprint is a breakthrough development, convening global innovation by regulators, for regulators, as a big step to that end.”

Andrew McCormack, head of the BIS Innovation Hub Centre in Singapore, noted, “This is the first time a virtual long-form ‘hackathon’ of this global nature and scale is being held for regtech and suptech solution development… It is our hope that such efforts help to contribute to the development of best-in-class innovative technology solutions.”