BIS and RBI Announce G20 TechSprint 2023 Winners

BIS and RBI Announce G20 TechSprint 2023 Winners: The Bank for International Settlements (BIS) and the Reserve Bank of India (RBI) have recently unveiled the winners of the G20 TechSprint 2023 challenge in a prestigious award ceremony held in Mumbai. This project, established by the RBI last May during India’s G20 leadership, aimed to develop innovative solutions that improve cross-border payments.

Daily Current Affairs Quiz: September 2023

Problem Statements and Winning Solutions:

Problem Statement #1: Combating Financial Crimes

Winner: Team Secretarium Ltd. (UK)

Solution: Transaction Monitoring and Privacy Protection

• Utilised secure privacy technologies to combat money laundering, terrorism financing, tax evasion, and sanction evasion.
• Emphasized protecting anonymity and privacy in financial transactions.

Problem Statement #2: Enhancing Liquidity in Cross-Border Payments

Winner: Team Millicent Labs (UK)

Solution: Hybrid Decentralized Exchange for CBDCs

• Launched a decentralised hybrid exchange for Central Bank Digital Currencies (CBDCs).
• Included automated market makers and traditional order books to optimize liquidity and minimize volatility risks.

Problem Statement #3: Developing Multilateral CBDC Platforms

Winner: Team Knox Networks (US)

Solution: Multilateral CBDC based on File-Based Digital Assets (FBDAs)

• Proposed a multilateral CBDC solution using File-Based Digital Assets (FBDAs).
• Addressed the need for efficient cross-border CBDC platforms.

Shortlisted Teams:

Problem Statement #1: Combating Financial Crimes

• Global Legal Entity Identifier Foundation (GLEIF)
• Global Screening Services (GSS)
• Mastercard Technology Private Limited
• Monetago
• PayGlocal
• Secretarium Ltd
• United Nations Capital Development Fund (UNCDF)

Problem Statement #2: Enhancing Liquidity in Cross-Border Payments

• Ajna Inc.
• Baton Systems Inc.
• Dian Nofitri/Clever
• Groww
• Millicent Labs
• Partior
• Uniswap Labs

Problem Statement #3: Developing Multilateral CBDC Platforms

• Currency Network Ltd
• FortisNet Ltd
• Kevin Zhang
• Knox Networks
• Parfin
• Polly Bauumler
• Zerone Microsystems Pte. Ltd

Judges Panel:

• Dilip Asbe: Managing Director and CEO, National Payments Corporations of India (NPCI)
• Bryan Zheng Zhang: Co-founder and Executive Director, Cambridge Centre for Alternatives
• Yvonne Tsui: Senior Fintech Director, Hong Kong Monetary Authority
• Andrew McCormack: Chief Operating Officer, Al Etihad Payments
• Andre Reslow: Senior Economist, International Monetary Fund (IMF)
• Harish Natarajan: Senior Financial Sector Specialist, World Bank
• Violaine Clerc: Executive Secretary, Financial Action Task Force
• Peerapong Thonnagith: Deputy Director, Bank of Thailand