Launch Of The CCAF Regulator Knowledge Exchange by Queen Maxima
A new digital hub has been developed by the Cambridge Centre for Alternative Finance (CCAF) with the goal of bringing together regulators from all around the world to cooperate and advance efforts to modernize financial services regulation.
Financial services regulators, supervisors, and policymakers are urged to exchange research and collaborate to enhance cross-border regulatory engagement in the Regulator Knowledge Exchange (RKE), a peer-led, community-driven platform. The RKE, which is hosted by the CCAF at the Judge Business School of the University of Cambridge, has more than 1,000 members from 240+ financial authorities in over 120 countries.
Her Majesty Queen Maxima of the Netherlands, who is also the Special Advocate for Inclusive Finance for Development (UNSGSA) of the United Nations Secretary-General, gave the keynote address at the platform’s launch via webinar on Thursday, December 1. She noted that the platform has the potential to make a significant and long-lasting difference.
“While improving the regulatory environment is crucial, for digital finance to thrive, we also need supportive policies and infrastructure where the connectivity and digital IDs can increase access to financial services to millions previously left behind. Fair competition, and interoperable payment systems can help markets work better for even the smallest-scale customers. Cybersecurity, data governance and digital literacy can help marginalised communities navigate these changes in ways that work for them best.”
HM continued: “At every stage of innovation, let us ask how will it impact the lives of the poor of underserved, and how can innovation make their lives better? What can regulators do to incentivise innovation and create a space for it to flourish through tech sprints and design challenges? This means thinking differently about consumer protection. For instance, how will these innovations affect redress mechanisms, or ensure sufficient disclosure? Should authorities include that regulatory expectation that financial services not only do no harm, but actually actively do good?”
Philip Rowan, co-head of the Cambridge Regulatory Innovation Hub, spoke about the background need for the RKE. He said that while we are aware that collaboration is essential for digital transformation, the pandemic exacerbated geographic limitations in this collaboration as well as coordination and technological barriers. As a consequence, regulators may make hasty or erroneous choices and lose out on opportunities because they are operating with little or no expertise, information, experience, or ability.
“Everything about the RKE is designed to serve the purposes of knowledge creation and exchange, peer learning, and capacity building – the homepage reflects this,” observed Rowan.
“It’s a live feed of discussions, questions, information being shared, new member introductions, working group updates. It’s place where you can see all of the latest interactions taking place on the platform.” Users may interact with colleagues working on related finance and regulation-related issues worldwide and read pertinent news stories, Rowan said.
Additionally, the RKE has introduced a brand-new feature called “Knowledge Zones,” which enables members to access information and viewpoints from trailblazing nations, regulators, and organizations in the regulatory, supervisory, and policymaking community. The New York State Department of Financial Services and the Financial Conduct Authority of the United Kingdom are the first two partners to join the Knowledge Zone and provide their thoughts on regulatory innovation.
RT At the launch, speakers included professor Kamal Munir of the University of Cambridge, the Hon. Andrew Mitchell MP, Minister of State at the UK Foreign, Commonwealth and Development Office (FCDO), and Kosta Peric, Deputy Director, Financial Services for the Poor, Bill & Melinda Gates Foundation.
