Under India’s G20 Presidency, the RBI and the BIS Innovation Hub (BISIH) of the Bank for International Settlements have jointly launched the fourth edition of the G20 TechSprint, a global technology competition to promote innovative solutions aimed at improving cross-border payments.
RBI and BIS have invited global innovators to help develop innovative technology solutions for cross-border payments. The competition is open to developers from around the world for submitting application from May 4, 2023, to June 4, 2023, and the TechSprint will conclude around August/ September 2023.
The 2023 TechSprint will focus on three problem statements on cross-border payments formulated by RBI and the BISIH:
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AML/CFT/Sanctions technology solutions to reduce illicit finance risk.
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FX and liquidity technology solutions to enable settlement in emerging market and developing economy (EMDE) currencies.
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Technology solutions for multilateral cross-border CBDC platforms.
The detailed problem statements are available at https://techsprint.rbi.org.in/. The G20 TechSprint 2023 is open to developers from around the world. Participants may access the page https://hackolosseum.apixplatform.com/h1/g20techsprint2023 for registrations and further steps including submission of solutions.
An independent panel of experts will select the most promising solution to each problem statement from the shortlisted solutions, to be announced at a final event in August/ September 2023. The winners for each problem statement will receive an award of Rs 40,00,000. For more information visit the competition page https://hackolosseum.apixplatform.com/h1/g20techsprint2023.
