The RegTech for Regulators Accelerator (R2A), a Somerville, MA-based RegTech prototyping lab that deploys RegTech innovations by working directly with financial supervisors, regulators and policymakers, announced its three partners.
The central banks Bangko Sentral ng Pilipinas (BSP) in the Philippines and Bank of Ghana (BoG) as well as the regulator and financial supervisor the Comisión Nacional Bancaria y de Valores (CNBV) in Mexico are collaborating with R2A through July 2018 to prototype new RegTech solutions with software developers and data architects.
The R2A partners are collaborating on prototypes starting with:
– Consumer Protection: Crowdsourcing, chatbots and Natural Language Processing (NLP) to monitor and manage consumer service complaints
– Data Analytics: API-based solutions, data visualization and smart analytics for improved reporting and compliance
– Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT): Machine Learning, Optical Character Recognition (OCP) and NLP for mining known and untapped sources of financial data
Led by Simone di Castri, project director, R2A is a new initiative supported by the Bill & Melinda Gates Foundation, Omidyar Network and the U.S. Agency for International Development, which is managed by BFA and fiscally sponsored by Rockefeller Philanthropy Advisors.