Reserve Bank of India and Bank for International Settlements invite cross-border payments solutions for G20 Techsprint
- ♦ The Reserve Bank of India (RBI) and the Bank for International Settlements (BIS) are launching the fourth G20 TechSprint hackathon for global innovators.
- ♦ The 2023 global competition is seeking solutions to improve cross-border payments.
- ♦ Open to developers worldwide, competition will conclude in Q3 2023.
The RBI and the BIS today jointly launched the fourth edition of the G20 TechSprint Initiative, a global technology competition to promote innovative solutions aimed at improving cross-border payments, under India's G20 presidency.
Following the success of the three previous competitions in the areas of regulatory compliance (regtech) and supervision (suptech), green and sustainable finance, and central bank digital currencies (CBDCs), the 2023 TechSprint will focus on three problem statements on cross-border payments, as formulated by the RBI and the BIS Innovation Hub.
- ♦ Technology solutions to reduce illicit finance risk around anti-money laundering, countering the financing of terrorism and sanctions.
- ♦ Foreign exchange and liquidity technology solutions to enable settlement in emerging market and developing economy currencies.
- ♦ Technology solutions for multilateral cross-border central bank digital currency platforms.
- ♦ Foreign exchange and liquidity technology solutions to enable settlement in emerging market and developing economy currencies.
- ♦ Technology solutions to reduce illicit finance risk around anti-money laundering, countering the financing of terrorism and sanctions.
The detailed problem statements are available at https://hackolosseum.apixplatform.com/h1/g20techsprint2023
How to participate
The G20 TechSprint 2023 is open to developers from around the world. To participate, register at https://hackolosseum.apixplatform.com/h1/g20techsprint2023 and submit technological solutions to one or more problem statements.
Shortlisted teams will be invited to develop their solutions over a six-week period and each team will be eligible for a stipend of INR 8,00,000 (approximately USD 10,000). The shortlisted teams will have an opportunity to showcase their as-developed solutions and to receive feedback from national authorities and invited experts.
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 INR 40,00,000 (approximately USD 50,000). For more information, visit the competition page https://hackolosseum.apixplatform.com/h1/g20techsprint2023.
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