About the conference
The third and 2022 TechSprint was a partnership between the BIS Innovation Hub and Bank Indonesia. It focused on solving technology challenges related to wholesale and retail central bank digital currencies (CBDCs).
Key challenges identified in this year's TechSprint included:
Building effective and robust means to issue, distribute and transfer CBDCs. There is a need to optimise various processes. New capabilities, such as programmability of money, could also result in provisioning of new and innovative services to customers.
Enabling financial inclusion: CBDCs also offer an opportunity to deepen financial inclusion and to overcome barriers facing the unbanked and underbanked.
Improving interoperability: CBDCs can help to improve and enable connections and linkages in payment systems, enhancing connectivity and interoperability.
The Bank for International Settlements (BIS) Innovation Hub and Bank Indonesia launched the third G20 TechSprint Initiative as one of the side events of Indonesia's G20 Presidency, focusing on developing new solutions for central bank digital currencies (CBDCs).
The G20 TechSprint Initiative 2022 is an international competition to explore innovation and develop cutting-edge sustainable technological solutions. It is open to participants from around the world. This year's "hackathon" invites global innovators to develop new solutions for issuing and distributing CBDCs; use them to advance financial inclusion and improve interoperability between payments systems following successful initiatives on regulatory and supervision compliance and green finance solutions in previous years.
Winners
Problem statements
List of judges
Team Dragonfly Fintech Pte Ltd from Singapore won the "Effective and robust means to issue, distribute and transfer CBDCs" category for their solution End-to-End CBDC Solution, which is a proprietary blockchain ledger with unique in-built features and includes a mobile wallet and digital identity platform.
Team Bitt-IDEMIA from the US won the "Enabling Financial Inclusion" category for their solution Secure Offline CBDC Payment Solution, which is a platform that allows monetary authorities to launch interoperable CBDCs while also leveraging on a layer-2 solution to enable offline payments.
Team Partior from Singapore won the "Improving interoperability" category for their solution Project Naucratis: Enabling Connectivity & Interoperability for mCBDC, which is a blockchain-based multi-CBDC network that supports both account-based and token based CBDC models.
There is a need to optimise various processes. New capabilities, such as programmability of money, could also result in provisioning of new and innovative services to customers.
CBDCs also offer an opportunity to deepen financial inclusion and to overcome barriers facing the unbanked and underbanked.
CBDCs can help to improve and enable connections and linkages in payment systems, enhancing connectivity and interoperability.
- Prof. Duan Jin-Chuan, Executive Director, Asian Institute of Digital Finance
- Ms. Katie Fortune, Senior Manager, CBDC Unit, Bank of England
- Ms. Lyle Horsley, Divisional Head, Fintech Unit, South African Reserve Bank
- Ms. Anneke Kosse, Senior Economist, Committee on Payments and Market Infrastructure
- Mr. Sopnendu Mohanty, Chief FinTech Officer, Monetary Authority of Singapore
- Mr. Mu Changchun, Head of Digital Currency Institute, People's Bank of China
- Ms. Iota Nassr, Policy Analyst, Directorate for Financial and Enterprise Affairs, OECD
- Mr. Harish Natarajan, Lead Financial Sector Specialist, Finance, Competitiveness & Innovation, World Bank
- Ms. Sandra Ro, CEO, Global Blockchain Business Council
- Ms. Pia Roman Tayag, Director of the Office of the United Nations Secretary-General's Special Advocate for Inclusive Finance for Development (UNSGSA)
- Ms. Katie Ann Wilson, Managing Director, Digital Monetary Institute, OMFIF