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The Reserve Bank of India (RBI), in collaboration with the BIS Innovation Hub (BISIH) of the Bank for International Settlements (BIS), has launched the fourth edition of the G20 TechSprint, a global technology competition aimed at enhancing cross-border payment systems. The initiative is part of India’s ongoing G20 Presidency efforts to foster innovation and financial integration.
The competition is open to developers worldwide, with submissions accepted from May 4 to June 4, 2023. The TechSprint is scheduled to conclude around August/September 2023.
The 2023 edition will focus on three key problem areas identified by RBI and BISIH:
AML/CFT/Sanctions technology solutions to mitigate illicit finance risks.
Foreign exchange and liquidity solutions to enable settlements in emerging market and developing economy currencies.
Multilateral cross-border CBDC platform solutions to enhance interoperability.
Participation and Incentives:
Developers can register and submit solutions at G20 TechSprint 2023 portal
Shortlisted teams will receive a stipend of INR 8 lakh (approx. USD 10,000) to develop their solutions over six weeks.
Winning teams for each problem statement will be awarded INR 40 lakh (approx. USD 50,000).
According to RBI, efficient cross-border payments are critical for strengthening economic cooperation and trade, while maintaining financial integrity. The TechSprint aims to showcase technological solutions that address risks of illicit finance, provide efficient settlement mechanisms in multiple currencies, and ensure interoperability across CBDC platforms.
[RBI]