Winners:
G20 TechSprint 2023
Innovate-Build-Transform
Secretarium Ltd. from the UK for problem statement #1, on Fighting money laundering, combating financing of terrorism, tax and sanctions evasion.
Millicent Labs from the UK won for problem statement #2, on Improving liquidity in cross-border payments between emerging and developing countries' currencies.
Knox Networks from the US won for problem statement #3 on Developing multilateral cross-border CBDC platforms
Secretarium Ltd. from the UK for problem statement #1, on Fighting money laundering, combating financing of terrorism, tax and sanctions evasion.
Millicent Labs from the UK won for problem statement #2, on Improving liquidity in cross-border payments between emerging and developing countries' currencies.
Knox Networks from the US won for problem statement #3 on Developing multilateral cross-border CBDC platforms
DAY
00
HR
00
MIN
00
SEC
00
#g20 #g20techsprint2023 #rbi #bisih #g20hackathon
Organized By
About Us
The G20 TechSprint is a joint initiative to seek out best-in-class novel technological solutions aimed at addressing high priority areas of interest amongst the global community.
Under India’s G20 Presidency, the community is soliciting innovative technological solutions to transform global cross-border payments landscape in the fourth edition of the G20 TechSprint. We invite the international community of innovators, entrepreneurs, start-ups, changemakers, creators, developers, data scientists, designers, digital marketing and communication experts who are passionate about creating extraordinary impact to come up with innovative technological solutions to key challenges in the cross-border payments arena.
If you have what it takes and share the desire to showcase your talent to enable cross border payments faster, cheaper, secure and more transparent, well, this is the place. Join forces with other talented people and take part in this contest.
Problem Statements
The three problem statements identified for this year’s TechSprint were developed in consultation with the G20 members and represent common high priority gaps and opportunities where innovative technology solutions in the cross-border payments are sought.
Problem Statement 1
AML/CFT/Sanctions technology solutions to reduce illicit finance risk.
Multilateral cross-border payment platforms, including multiple CBDC platforms, could face reputational risk if they are used for payments related to money laundering, terrorist financing or potential sanctions evasion.
Accordingly, we call for AML/CFT/Sanctions technology solutions that can be integrated into such multilateral platforms to reduce illicit finance risk, increasing efficiency in AML/CFT/Sanctions screening processes, while ensuring a given level of confidentiality between participants and platform operators.
For reference, this could include digital identity solutions, KYC/AML/CFT/Sanctions utilities, zero knowledge proofs (ZKP), black/ white-listing, automated screening combined with alerts to participants and other technology solutions. These solutions in turn can be developed using technologies such as data analytics, machine learning, artificial intelligence, network analytics, federated learning, blockchain, smart contracts and/or other technologies.
Problem Statement 2
FX and liquidity technology solutions to enable settlement in emerging market and developing economy (EMDE) currencies.
Due to the risk of unexpected volatility in FX rates, FX and liquidity risks can make it more challenging to operate multilateral platforms relative to domestic systems, particularly if the platform processes multiple currencies. To mitigate these risks, a multilateral platform may opt to settle in a few liquid currencies or mandate participants to fully pre-fund their accounts or choose to settle on a deferred net basis. However, these choices could limit the usability of such platforms.
Accordingly, we call for FX and cross-currency liquidity technology solutions that can be integrated into multilateral platforms, including multiple CBDC platforms, to enable competitive pricing, and to settle payments in a larger number of currencies, including in EMDE currencies, on a real time basis with reduced liquidity demands. For reference, this could include liquidity optimisation, liquidity bridges, limit order books, among others. Technology solutions can be combined with data analytics, predictive machine learning tools, smart contract and other technologies.
Problem Statement 3
Technology solutions for multilateral cross-border CBDC platforms.
This problem statement calls for solutions and technologies that participants believe offer promise with regard to multilateral cross-border CBDC platforms. This problem statement is intentionally kept broad to encourage participants to present the most promising technology solutions in the context of multilateral cross-border CBDC platform development.
For reference, it could include technologies that can contribute to interoperability across multi-CBDC platforms or their interoperability with domestic payment systems, solutions that pursue data standardization to facilitate interoperability and application programming interfaces (APIs). Other ideas may concern digitised governance and voting solutions, embedded supervision, privacy technologies and cyber security solutions for multilateral cross-border CBDC platforms, while ensuring operational resiliency.
Prizes
ATTRACTIVE AWARDS AND STIPENDS FROM RESERVE BANK OF INDIA
Attractive awards would be given to the winner in each of the problem statements. Stipends will also be given to each shortlisted participants to defray any development expenses. Prize contributions are from the Reserve Bank of India.
INR 40,00,000
One Winner for each problem statement to receive INR 40,00,000 (approx. USD 50,000).
INR 8,00,000
A stipend of INR 8,00,000 (approx. USD 10,000) to all shortlisted finalists.
Engagement with Experts
Shortlisted participants will also have the opportunity to have in-depth discussions and feedback from national authorities and experts in the cross-border payments field.
Eligibility
Applications are open to participants having a good track record of developing scalable technology solutions and interested in solving cross-border payments challenges posed in the problem statements mentioned above.
FAQ
How do I register and submit my proposed solution(s)?
Interested participants should click on the registration tab and complete fully the registration questionnaire before the registration deadline. Participants should also fill in fully the details of their proposed solution(s) in the relevant sections of the questionnaire.