In 2018, the Cambridge Centre of Alternative Finance (CCAF) received funding to develop a pilot to address an identified growth hurdle for fintechs focused on financial inclusion through the provision of cross-jurisdiction regulatory information.
With support from the UK’s FCDO, this work advanced into the development of an MVP application to meet the need for cross-jurisdictional benchmarking of global regulators, particularly in developing and emerging economies aiming to keep pace with the accelerating digitisation of financial services. This application is now live and the library of machine-readable content it ingests is being tested by regulatory officials in more than 20 jurisdictions world-wide.
And this number is growing. To augment the proven ability to deliver and the CCAF’s extensive engagement with regulators, the RGP is deploying the University’s global convening power to bring together public and private sector stakeholders to realise the Project’s potential for positive impact. Further, the Project’s partnership with the Natural Language and Information Processing research group at the University ensures that our technological approach and delivery of machine-readable, internationally comparable regulation is truly world-leading.
The University of Cambridge formally launched the Regulatory Genome Project in December 2020. A commercial entity (and affiliate of the university) has been formed to foster private sector collaborations that are essential to the development and deployment of the public good.
In March 2021, the first batch of collaborators were announced. The cross-industry commitment underlines our scope and ambition: the vast amount of global regulation in the digital economy means that humans cannot compile such a repository alone, so the Genome uses machine learning and natural language processing to convert human-readable text into machine-readable code. This enables the creation of a comprehensive, searchable and digestible body of regulations that will provide quick and relevant information on any company’s risks and obligations.