Regulation of financial risks in emerging markets has evolved over the past 20 years, with a focus on ensuring stability and independence in the banking sector. After the global financial crisis of 2008-2009, there was a shift towards tighter regulations and closer coordination between regulators worldwide. The G-20's Financial Stability Board played a key role in promoting global initiatives for financial risk regulation. However, in recent years, there has been a decline in uniformity as countries implement their own regulations and sanctions. To address these challenges, new technologies like RegTechs and SupTechs are being used to improve compliance and supervision in the banking industry.