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INESC TEC supports financial and banking sectors in the areas of big data, AI and blockchain

The European project FinTech (a FINancial supervision and TECHnology compliance training programme), coordinated in Portugal by INESC TEC, aims to help European regulators in the banking and financial sectors creating a common regulatory framework, suitable for the adoption of operational innovations promoted by Fintech, based on big data analysis, Artificial Intelligence (AI) and blockchain technologies. The new technologies will allow faster transactions, greater transparency and reduced operating costs in the sectors.

07th January 2021

“There is currently a great need in Europe to improve the competitiveness of the FinTech sector, based on a common regulatory framework - which, in addition to other objectives, creates the conditions for innovation based on analysis of Big Data, AI and blockchain technologies, providing correct measurement and efficient risk management to economic agents. The project comprehends two dimensions: the design and development of risk management models based on blockchain and AI. We have been working with the Portuguese Securities Market Commission (CMVM), namely by providing training to increase the efficiency of monitoring activities using these technologies”, said Paula Brito, researcher at INESC TEC’s Laboratory of Artificial Intelligence and Decision Support (LIAAD) and professor at the Faculty of Economics at the University of Porto (FEP).

In addition to training activities, which include research workshops with international regulators, Fintech and banking agents, the project is also developing risk management models (in open source), based on blockchain and AI. In this sense, the project follows three approaches: the use of AI in risk management in banking and for P2P loans, in risk management in financial investments and automated financial advice, and in risk management in blockchain and cryptocurrency payments.

“The impact of this project is cross-sectional, since the risk management models are equally useful to the entire banking and financial sectors; hence, entities such as CMVM, Banco de Portugal or the Insurance and Pension Funds Supervisory Authority will benefit from shared risk management solutions that automate Fintech solutions and increase the efficiency of monitoring activities”, said Carlos Alves, another researcher part the project’s team and professor at FEP.

The University of Pavia (Italy) leads the project, which includes partners from 21 universities/research centres, three Fintech companies, six European Fintech centres, national regulators/supervisors from all 28 EU and Swiss Member States, eight international regulators and supervisory institutions. At INESC TEC, in addition to LIAAD, the Centre for Industrial Engineering and Management (CEGI) also participates in the project.

The project started in January 2019 and will end in June 2021. It is funded by the European Union at €2.5M, under the Horizon 2020 programme - agreement no. 825215.

The INESC TEC researchers mentioned in this news piece are associated with UP-FEP.