Reserve Bank of India and Bank for International Settlements announce winners of G20 TechSprint 2023

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Summary:

The Reserve Bank of India (RBI) and the Bank for International Settlements Innovation Hub (BISIH) launched the fourth edition of the G20 TechSprint on May 4, 2023, inviting global innovators to develop technology solutions for cross-border payments. The techsprint received 93 proposals from 93 teams from 9 countries, which were narrowed down to 21 shortlisted teams that presented their solutions to a panel of judges. The winners of the three problem statements were announced, with each team receiving a prize money of INR 4 million. The winning solutions included DANIE platform (AML/CFT/Sanctions technology solutions), LOFThub (FX and liquidity technology solutions for emerging market and developing economy currencies), and Knox Networks' solution for multilateral cross-border CBDC platforms. The event aims to enhance cross-border payments through innovative solutions, addressing the priority identified by the G20.

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