The financial services landscape is being fundamentally reshaped by technology. For regulators and supervisors, understanding the implications of these rapid changes is no longer optional; it is a necessity for maintaining financial stability and ensuring consumer protection. This specialized training course, BIS-FIT: Navigating the Future of Finance for Regulators, is designed to equip central bank and supervisory staff with a comprehensive understanding of the technological forces at play. We will explore key areas such as the rise of digital currencies, the application of artificial intelligence in finance, and the emergence of new regulatory tools, ensuring participants are prepared to lead their institutions in this new digital era.

This program draws on the global expertise and research of the Bank for International Settlements (BIS), providing an authoritative and forward-looking perspective. Participants will gain practical insights into developing effective regulatory frameworks, leveraging new supervisory technologies (SupTech), and managing the systemic risks associated with a digitized financial system. The course goes beyond theory, focusing on actionable strategies and international best practices that can be directly applied to a regulator's day-to-day work. By the end of this training, you will have the confidence and knowledge to proactively address the challenges and seize the opportunities presented by financial innovation.

Duration: 5 Days

Target Audience

• Regulatory and supervisory staff from central banks and financial authorities.
• Policymakers involved in financial innovation and technology.
• Risk management professionals in regulatory bodies.
• Legal and compliance officers focused on fintech regulations.
• IT and cybersecurity specialists from central bank departments.
• Financial market infrastructure oversight staff.
• Economists and researchers studying digital finance.
• Officials responsible for consumer protection and market conduct.
• Innovation hub and sandbox staff.
• Mid-level and senior managers leading digital transformation initiatives.

Objectives

• Analyze the key drivers of innovation in financial services and their impact on traditional models.
• Develop a deep understanding of core technologies, including DLT, AI, and cloud computing, from a regulatory perspective.
• Formulate policy responses to the challenges posed by digital currencies, including stablecoins and CBDCs.
• Evaluate the benefits and risks of new business models such as decentralized finance (DeFi) and open banking.
• Design and implement innovative regulatory tools like SupTech and RegTech.
• Assess the cybersecurity and operational resilience risks in a hyper-connected financial system.
• Explore international standards and best practices for regulating fintech and big tech.
• Enhance collaboration strategies with industry participants through innovation hubs and sandboxes.
• Propose effective communication strategies for engaging with a digital-first public and regulated entities.

Course Modules Module 1: The Evolving Landscape of Financial Innovation

• The fintech ecosystem and its key players (fintechs, big techs, incumbents)
• The role of the BIS and other international bodies in shaping the agenda
• Understanding the technology behind digital disruption (cloud, APIs, data)
• The shift from a centralized to a decentralized financial system
• The balance between fostering innovation and ensuring financial stability

Module 2: Regulating Digital Currencies and CBDCs

• An in-depth look at crypto-assets, including Bitcoin and Ethereum
• The rise of stablecoins and the regulatory challenges they present
• Central bank digital currencies (CBDCs): design principles and policy considerations
• The implications of a CBDC for monetary policy and financial stability
• Case studies of live CBDC projects and their outcomes

Module 3: Artificial Intelligence and Machine Learning in Finance

• Applications of AI/ML in financial services (credit scoring, fraud detection, robo-advisors)
• The supervisory implications of AI-driven decision-making and model risk
• Ethical considerations and algorithmic bias in financial services
• Developing regulatory frameworks for the responsible use of AI
• The future of AI in enhancing both finance and regulation

Module 4: SupTech, RegTech, and Data-Driven Supervision

• Leveraging technology to enhance regulatory and supervisory functions
• An overview of RegTech solutions for compliance and reporting
• Practical applications of SupTech for real-time monitoring and analytics
• Data governance and the role of big data in regulatory oversight
• The future of data-driven supervision and its resource implications

Module 5: Addressing Risks in a Digital Ecosystem

• Managing new and evolving risks (cybersecurity, operational, third-party)
• Developing frameworks for digital operational resilience
• The challenge of supervising cross-border digital financial services
• Tools for identifying and mitigating systemic risk from interconnected digital networks
• Ensuring the integrity of financial markets against new threats

Module 6: Big Techs and Competition in Finance

• The role of big tech firms in providing financial services
• Analyzing the competitive advantages and risks of big tech in finance
• Developing policy responses to address competition and data concentration issues
• Interoperability and open banking as tools for promoting competition
• International cooperation on big tech regulation

Module 7: Innovation Hubs, Sandboxes, and Public Engagement

• The role of innovation facilitators in fostering responsible fintech development
• Designing and implementing effective regulatory sandboxes
• Strategies for engaging with the fintech industry and promoting dialogue
• The importance of a clear communication strategy with the public on digital finance
• Building a culture of innovation within regulatory institutions

Module 8: Legal and Governance Frameworks for Digital Finance

• The legal classification of digital assets and smart contracts
• Adapting existing laws and regulations to accommodate new technologies
• Governance models for decentralized finance (DeFi)
• International standards and their implementation at the national level
• Legal challenges related to data privacy, identity, and consumer protection

Module 9: The Future Outlook: Emerging Technologies and Trends

• Quantum computing and its potential impact on cryptography and finance
• The metaverse, tokenization, and their long-term implications
• Green finance and sustainable technology (Green FinTech)
• Anticipating the next wave of financial innovation and its regulatory needs
• Strategic planning for regulatory authorities in an ever-changing environment

Training Approach

This course will be delivered by our skilled trainers who have vast knowledge and experience as expert professionals in the fields. The course is taught in English and through a mix of theory, practical activities, group discussion and case studies. Course manuals and additional training materials will be provided to the participants upon completion of the training.

Tailor-Made Course

This course can also be tailor-made to meet organization requirement. For further inquiries, please contact us on: Email: info@skillsforafrica.org, training@skillsforafrica.org Tel: +254 702 249 449

Training Venue

The training will be held at our Skills for Africa Training Institute Training Centre. We also offer training for a group at requested location all over the world. The course fee covers the course tuition, training materials, two break refreshments, and buffet lunch.

Visa application, travel expenses, airport transfers, dinners, accommodation, insurance, and other personal expenses are catered by the participant

Certification

Participants will be issued with Skills for Africa Training Institute certificate upon completion of this course.

Airport Pickup and Accommodation

Airport pickup and accommodation is arranged upon request. For booking contact our Training Coordinator through Email: info@skillsforafrica.org, training@skillsforafrica.org Tel: +254 702 249 449

Terms of Payment: Unless otherwise agreed between the two parties’ payment of the course fee should be done 7 working days before commencement of the training.