About the conference
The RBI and the BIS jointly launched the fourth edition of the G20 TechSprint Initiative, a global technology competition to promote innovative solutions aimed at improving cross-border payments, under India's G20 presidency.
The fourth edition was held in 2023 with the Reserve Bank of India and focused on showcasing technology solutions to improve cross-border payments.
Following the success of the three previous competitions in the areas of regulatory compliance (regtech) and supervision (suptech), green and sustainable finance and central bank digital currencies (CBDCs), the 2023 TechSprint focused on three problem statements on cross-border payments formulated by the RBI and the BIS Innovation Hub:
- Technology solutions to reduce illicit finance risk around anti-money laundering, countering the financing of terrorism and sanctions.
- Foreign exchange and liquidity technology solutions to enable settlement in emerging market and developing economy currencies.
- Technology solutions for multilateral cross-border central bank digital currency platforms.
Winners
Problem statements
Problem statements
Team Secretarium Ltd. from the UK won the category for problem statement #1, on fighting money laundering, combating financing of terrorism, tax and sanctions evasion, with their solution on transaction monitoring and protecting anonymity and privacy using secure privacy technology.
Team Millicent Labs from the UK won the category for problem statement #2, on improving liquidity in cross-border payments between emerging and developing countries' currencies, with their hybrid decentralised exchange for CBDCs, which features automated market makers and traditional order books, to optimise liquidity and reduce volatility risk.
Team Knox Networks from the US won the category for problem statement #3 on developing multilateral cross-border CBDC platforms, with their multilateral CBDC solution based on File-Based Digital Assets (FBDAs).
Technology solutions to reduce illicit finance risk around anti-money laundering, countering the financing of terrorism and sanctions.
Foreign exchange and liquidity technology solutions to enable settlement in emerging market and developing economy currencies.
Technology solutions for multilateral cross-border central bank digital currency platforms.
- Dilip Asbe, Managing Director and CEO, National Payments Corporations of India (NPCI)
- Bryan Zheng Zhang, Co-founder and Executive Director, Cambridge Centre for Alternative Finance
- 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