The Reserve Bank of India (RBI) and the Bank for International Settlements (BIS) have announced the launch of the G20 TechSprint 2023, a global competition aimed at improving cross-border payments through innovative technology solutions. The fourth iteration of the competition, which is open to worldwide innovators, was announced on May 4.
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Problem Statements for TechSprint 2023:
The TechSprint 2023 will focus on three problem statements formulated by the BIS Innovation Hub (BISIH) and RBI. The problem statements include the following:
• Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT)
• Sanctions technology solutions to reduce illicit finance risk, forex (FX), and liquidity technology solutions to enable settlement in emerging market and developing economy (EMDE) currencies
• Technology solutions for multilateral cross-border central banking digital currency (CBDC) platforms.
The competition aims to showcase how technology solutions can address illicit financing risks, provide settlement solutions in other currencies, and achieve interoperability in multi-lateral CBDC platforms.
Competition Details and Timeline:
From May 4 to June 4, 2023, developers from all across the world can apply for the G20 TechSprint 2023 competition. The competition will conclude around August/September 2023.
The TechSprint is a global technology competition that promotes innovative solutions aimed at improving cross-border payments. The competition is intended to encourage collaboration between financial institutions, technology providers, and other stakeholders in the global financial system to develop innovative solutions for cross-border payments.
Bank for International Settlements (BIS), key points:
The Bank for International Settlements (BIS) is an international financial institution owned by central banks that facilitates cooperation among central banks and other agencies in pursuit of monetary and financial stability.
Here are some key points about BIS:
• The BIS is the world's oldest international financial organisation, having been founded in 1930.
• It is headquartered in Basel, Switzerland, and has representative offices in Hong Kong and Mexico City.
• Its membership consists of 63 central banks from throughout the world, representing countries accounting for approximately 95% of global GDP.
• The BIS’s mission is to promote international monetary and financial cooperation and to serve as a bank for central banks.
• The BIS acts as a forum for central banks to share information, discuss policy issues, and collaborate on research.
• The BIS also provides banking services to central banks and other international organizations, such as the International Monetary Fund (IMF).
• The BIS is involved in promoting financial stability, including by conducting research on financial markets and instruments and providing assistance to central banks in managing their reserves.
• The BIS is also in charge of developing worldwide standards and guidelines for banking and financial market regulation, particularly through its Banking Supervision Committee and Payments and Market Infrastructures Committee.
