Chris Skinner's blog

Shaping the future of finance

Let’s talk about Open Regulation

Chris Skinner Author Avatar
by

There is an important thing happening that many may have missed imho. We talk all the time about Open Banking and how that’s developing. Why don’t we talk about Open Regulation?

Open Regulation uses APIs (Application Program Interfaces) to tap into banks systems and see if they’re doing things right or wrong. It’s a concept that isn’t new. In fact, I first talked about this idea six years ago, when I found that the Austrian regulator had built real-time connectivity between the central bank and the commercial and retail banks in the country.

Since then, the idea has developed, and you learn quickly what a simple idea this can be. You have banks that need to comply and regulators that need data to be reported to prove that the banks comply. So, why not link the regulators directly to the banks?

This is a theme being developed by my friends at Google, who are running an event next week in London. Here’s the invite:

Reserve your seat at the Reimagining Regulatory Reporting with Google Cloud event at Google’s CSG office in London on 16 June, 3:30pm (for a 4pm start). The aim is to explore the latest insights and strategies to help transform the way  business handles its regulatory reporting. Key discussions include HSBC’s regulatory reporting story with Tamsin Shaw, Global Head of Data and Cloud, Finance IT, and a live Q&A with industry experts. I’ll be moderating and attending, and would love to see you all there, as it’s an important and developing area. For example, when forecasting the future of regulatory reporting, I can see a world where every trade made on global markets is subject to regulatory algorithms; every movement of funds made by a business can be tracked and traced; every part of consumer payments is open and potentially reported.

That sounds worrying in some ways – after all, our money is one of our most secretive aspects of our lives – but what if the whole financial system was laid open to investigation and reporting? What if every trade, transaction and payment could be tracked and traced? Would this ensure insider trading, rogue traders, money launderers, terrorist financing and more would be shut down? Or would it cause a major movement away from formal systems to networked systems? After all, the libertarians say that the trust should be in the network and not in the regulator, but what if the regulator embedded their trust in the network?

These are big ticket questions that need to be debated and so the idea of reimagining regulatory reporting is a timely discussion.

I hope you can join me, Tamsin, Google and the other speakers next week. Just register here (please note, attendance is free but not guaranteed due to room size).

 

RegulationGridCategories
Chris Skinner Author Avatar

Chris M Skinner

Chris Skinner is best known as an independent commentator on the financial markets through his blog, TheFinanser.com, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal's Financial News. To learn more click here...

What is the future?

Learn more

Learn more about Chris

About Chris Skinner

The Past, Present And Future Of Banking, Finance And Technology

Fintech expert Chris Skinner: countries need digital transformation to remain competitive

Join me on Linkedin

Follow Me on X!

Hire Chris Skinner for dinners, workshops and more

Learn directly from from one of the most influential people in technology, gain insights from the world's most innovative companies, and build a global network.

Chris’s latest book

Chris Skinner’s ‘Digital For Good’ Book Launch Event – CFTE

Top 50 Global Thought Leaders and Influencers on FinTech 2023

Chris Skinner
Commentator, CEO of The Finanser and best-selling author at The Finanser

Thinkers360 Thought Leader

Contact Me

Global Awards

Lifetime Achievement Award

Global 100 - 2024 Winner

Chris Skinner - Financial Markets Advisor of the Year - The Finanser - UK 2023

Best Financial Markets Advisor of the Year 2023

30 Best Regtech Blogs and Websites 2023

Kids creating the future bank | TEDxAthens

Captain Cake and the Candy Crew

Captain Cake Winner of a Golden Mom’s Choice Award

TWO-TIME WINNER OF A MOM’S CHOICE GOLD AWARD!

Alex at the Financial Services

Gaping Void's Hugh MacLeod worked with the Finanser