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What is Innovation Office

Chapter 6
Fostering Innovation and Competitiveness With FinTech, RegTech, and SupTech
Dedicated centers of contact for firms to raise enquiries with competent authorities on fintech-related issues and to seek non-binding guidance on the conformity of innovative financial products, financial services or business models with licensing or registration requirements and regulatory and supervisory expectations.
Published in Chapter:
Non-Technological and Technological (SupTech) Innovations in Strengthening the Financial Supervision
Marcin Flotyński (Adam Mickiewicz University, Poznań, Poland) and Kamilla Marchewka-Bartkowiak (Poznań University of Economics and Business, Poland)
Copyright: © 2021 |Pages: 31
DOI: 10.4018/978-1-7998-4390-0.ch006
Abstract
The application of non-technological and technological innovations provides support to supervisory institutions in the digitization of reporting and regulatory processes. This chapter deals with international applications of innovations in financial supervision (SupTech). The aim of the chapter is to present the most popular technological and non-technological solutions along with an evaluation of their usefulness in exercising supervision over the financial market. The authors discuss the types of innovations and the reasons for implementing them by supervisory institutions. Furthermore, they describe the most important non-technological supervisory solutions and technologies that supervisors can apply in creating SupTech tools. The study utilizes, among other things, data from reports and elaborations by central banks, supervisory institutions, and consulting companies. The authors' main focus is on the analysis of the solutions utilized by European Union member states.
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