Under India's G20 Presidency, the Reserve Bank of India (RBI) and the Bank for International Settlements Innovation Hub (BISIH) jointly initiated the fourth edition of the G20 TechSprint on May 4, 2023. This global event beckoned innovators from around the world to pioneer technology solutions for enhancing cross-border payments, a critical global economic priority.
TechSprint 2023 garnered remarkable enthusiasm, receiving a staggering 93 proposals from teams spanning nations such as Australia, Canada, Germany, India, Indonesia, Sweden, Singapore, the UK, and the USA. The competition ultimately shortlisted seven teams for each of the three problem statements, affording them six weeks to develop their proposed solutions.
The culmination of this innovative journey unfolded on September 3-4, 2023, in Mumbai. Here, 21 shortlisted teams showcased their solutions before an independent panel of judges who meticulously evaluated their offerings. Subsequently, one outstanding team from each problem statement was declared the victor, each awarded a prize of INR 4 million. The prestigious awards ceremony was graced by the presence of Governor Shaktikanta Das.
The Winning Innovations:
1. AML/CFT/Sanctions Technology Solutions
– Winner: Secretarium Ltd, United Kingdom
Secretarium's DANIE platform stands as a beacon for overcoming common challenges with secure Privacy Technology. The platform, in partnership with major global banks, deploys Multi-Party Computing with trusted hardware to deliver secure insights on transaction monitoring, AML, and fraud, all while preserving anonymity and non-disclosure of sensitive data.
2. FX and Liquidity Technology Solutions
– Winner: Millicent Labs, United Kingdom
Millicent Labs' LOFThub addresses the intricacies of FX challenges in emerging market and developing economy (EMDE) currencies. It combines Automated Market Makers and traditional order books, facilitating real-time settlements across diverse distributed ledger technologies and currencies, even in the absence of direct trading pairs.
3. Technology Solutions for Multilateral Cross-Border CBDC Platforms
– Winner: Knox Networks, United States of America
Knox Networks presents an innovative solution based on File-Based Digital Assets, capable of supporting wholesale and retail CBDC. It can interlink with tokenized commercial bank deposits, perform atomic settlements through programmable transactions, link identity systems, and tokenize various asset types, including currency and securities.
The 2023 edition of the G20 TechSprint not only demonstrated India's commitment to fostering innovation but also addressed pressing global issues in cross-border payments, a top priority for the G20. Collaborative efforts between RBI and BIS Innovation Hub have paved the way for groundbreaking solutions in the realm of international finance.
