RBI, BIS launch fourth edition of G20 TechSprint competition

RBI and the BIS Innovation Hub (BISIH) of the Bank for International Settlements have jointly launched the fourth edition of the G20 TechSprint

The Reserve Bank of India (RBI) and Bank for International Settlements (BIS) launched the G20 TechSprint 2023, the fourth edition of the global competition, on May 4.

RBI and BIS have invited global innovators to help develop innovative technology solutions for cross-border payments, the apex bank said in a press release.

TechSprint is a global technology competition which promotes innovative solutions aimed at improving cross-border payments.

The 2023 edition of the TechSprint will focus on three problem statements on cross-border payments formulated by RBI and the BIS Innovation Hub (BISIH)- 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 and technology solutions for multilateral cross-border central banking digital currency (CBDC) platforms.

"The TechSprint 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," the central bank said in the release.

The competition is open to developers from around the world for submitting applications from May 4 to June 4 and the TechSprint will conclude around August/September 2023.