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G20 TechSprint 2023

Innovate-Build-Transform

DAY 00
HR 00
MIN 00
SEC 00

#g20 #g20techsprint2023 #rbi #bisih #g20hackathon

G20 TechSprint Journey
  • Start Registration

  • Submit Proposals

  • Shortlist Finalists

  • Submit Solutions

  • Announce Winners

All timings are as per (GMT +5:30) Bombay, Calcutta, Madras, New Delhi
Organized By

About Us

The G20 TechSprint is a joint initiative between the G20 Presidency and the Bank for International Settlements Innovation Hub (BISIH) to seek out best-in-class novel technological solutions aimed at addressing high priority areas of interest amongst the global community.

Under India’s G20 Presidency, the Reserve Bank of India and the BISIH are soliciting innovative technological solutions to transform global cross-border payments landscape in the fourth edition of the G20 TechSprint. We invite the international community of innovators, entrepreneurs, start-ups, changemakers, creators, developers, data scientists, designers, digital marketing and communication experts who are passionate about creating extraordinary impact to come up with innovative technological solutions to key challenges in the cross-border payments arena.

If you have what it takes and share the desire to showcase your talent to enable cross border payments faster, cheaper, secure and more transparent, well, this is the place. Join forces with other talented people and take part in this contest.

Problem Statements

The three problem statements identified for this year’s TechSprint were developed in consultation with the G20 members and represent common high priority gaps and opportunities where innovative technology solutions in the cross-border payments are sought.

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Problem Statement 1

AML/CFT/Sanctions technology solutions to reduce illicit finance risk.

Multilateral cross-border payment platforms, including multiple CBDC platforms, could face reputational risk if they are used for payments related to money laundering, terrorist financing or potential sanctions evasion.
Accordingly, we call for AML/CFT/Sanctions technology solutions that can be integrated into such multilateral platforms to reduce illicit finance risk, increasing efficiency in AML/CFT/Sanctions screening processes, while ensuring a given level of confidentiality between participants and platform operators.
For reference, this could include digital identity solutions, KYC/AML/CFT/Sanctions utilities, zero knowledge proofs (ZKP), black/ white-listing, automated screening combined with alerts to participants and other technology solutions. These solutions in turn can be developed using technologies such as data analytics, machine learning, artificial intelligence, network analytics, federated learning, blockchain, smart contracts and/or other technologies.
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Problem Statement 2

FX and liquidity technology solutions to enable settlement in emerging market and developing economy (EMDE) currencies.

Due to the risk of unexpected volatility in FX rates, FX and liquidity risks can make it more challenging to operate multilateral platforms relative to domestic systems, particularly if the platform processes multiple currencies. To mitigate these risks, a multilateral platform may opt to settle in a few liquid currencies or mandate participants to fully pre-fund their accounts or choose to settle on a deferred net basis. However, these choices could limit the usability of such platforms.

Accordingly, we call for FX and cross-currency liquidity technology solutions that can be integrated into multilateral platforms, including multiple CBDC platforms, to enable competitive pricing, and to settle payments in a larger number of currencies, including in EMDE currencies, on a real time basis with reduced liquidity demands. For reference, this could include liquidity optimisation, liquidity bridges, limit order books, among others. Technology solutions can be combined with data analytics, predictive machine learning tools, smart contract and other technologies.
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Problem Statement 3

Technology solutions for multilateral cross-border CBDC platforms.

This problem statement calls for solutions and technologies that participants believe offer promise with regard to multilateral cross-border CBDC platforms. This problem statement is intentionally kept broad to encourage participants to present the most promising technology solutions in the context of multilateral cross-border CBDC platform development.

For reference, it could include technologies that can contribute to interoperability across multi-CBDC platforms or their interoperability with domestic payment systems, solutions that pursue data standardization to facilitate interoperability and application programming interfaces (APIs). Other ideas may concern digitised governance and voting solutions, embedded supervision, privacy technologies and cyber security solutions for multilateral cross-border CBDC platforms, while ensuring operational resiliency.

Prizes

ATTRACTIVE AWARDS AND STIPENDS FROM RESERVE BANK OF INDIA

Attractive awards would be given to the winner in each of the problem statements. Stipends will also be given to each shortlisted participants to defray any development expenses. Prize contributions are from the Reserve Bank of India.

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INR 40,00,000
One Winner for each problem statement to receive INR 40,00,000 (approx. USD 50,000).
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INR 8,00,000
A stipend of INR 8,00,000 (approx. USD 10,000) to all shortlisted finalists.
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Engagement with Experts

Shortlisted participants will also have the opportunity to have in-depth discussions and feedback from national authorities and experts in the cross-border payments field.

Eligibility

1. Applications are open to participants having a good track record of developing scalable technology solutions and interested in solving cross-border payments challenges posed in the problem statements mentioned above.

2. The competition is open to participants who meet all of the following criteria:
- Above 18 years of age;
- Is/Are not an employee(s) of the Organisers (Reserve Bank of India and BIS Innovation Hub) or any of its subsidiaries, or affiliates, or an immediate family member of any such employee;
- Agree with the G20 TechSprint 2023 User Terms and Conditions, which govern the participation in the G20 TechSprint 2023; and
- Agree with the APIX Terms of Use, which regulate the use of the APIX Platform.

3. Participants must fully complete the registration and proposal submission process within the stated deadline given above.  Any request for delayed submission will not be considered.

Media Centre

Launch of G20 TechSprint 2023

FAQ

1. Am I eligible?

We welcome all participants interested in building technological solutions to address the identified problem statements and who have a proven track record of delivery – whether that is writing software, designing user experiences, or product management. Participation in the Techsprint is expected in the form of teams (typically comprising 3 – 8 members). Shortlisted participants will need to demonstrate that they have a deployable and scalable solution to the identified problem statement by the time of the final judging.

2. Are there any other requirements?

You will have to agree to the terms and conditions of the G20 TechSprint 2023 and the APIX Terms of Use at the point of registration.

3. What is the expected deliverable at the end of the G20 TechSprint, and will I have a chance to deploy the solution?

For this competition, we are seeking production-ready and deployable prototypes. However, there is no commitment or expectation on the part of the organizers that the prototype will be deployed. Winning participants will have the opportunity to showcase their solutions.

4. Must I be a registered company/firm to participate?

No, participants do not have to be registered companies. Although not a stipulation, we anticipate that most participants will comprise around 3-8 team members performing different functions to develop the working prototypes. Please note that shortlisted participants would receive a single lump sum stipend and winning participants will receive a single cash award irrespective of their team's size.

5. Can I participate in multiple problem statements?

You can participate in multiple problem statements. However, we recommend that each participant only competes in one problem statement and focuses on its strongest area of specialisation.

6. How will the winning proposals be selected?

There will be two rounds of evaluation. Proposals will first be reviewed by the TechSprint organizers and our appointed agents. This is to shortlist the most promising participants to enter into the prototype development phase of the TechSprint. The shortlisted participants will subsequently submit their developed solutions to be assessed by a panel of independent expert judges convened by the organizers.

7. How do I register and submit my proposed solution(s)?

Interested participants should click on the registration tab and complete fully the registration questionnaire before the registration deadline. Participants should also fill in fully the details of their proposed solution(s) in the relevant sections of the questionnaire.

Things to Note

1. Team leaders of the participant must fully register their team and submit their solution(s) to one or more problem statements by the close of the registration period.

2. Early registration is encouraged. Registrations to specific problem statements may close once the application cap on that problem statement is reached. Participation is free of charge.

3. Each team member can only join one team. Each team (typically comprising 3 to 8 members) can submit one proposal for each problem statement. Teams are allowed to apply for more than one problem statement, but they can only be shortlisted for one problem statement.

4. The participant will retain the title, rights of ownership, or intellectual property rights of any kind regarding the solutions and any related information submitted or developed on the platform in response to the problem statements.

5. Final submissions from all shortlisted participants will need to be made available to the judging panel via the Technology Provider's platform. Participants declare and guarantee that:
- they have all necessary authorisations, permissions, licenses, and agreements to participate in the G20 TechSprint and for all material uploaded to, or developed on the platform;
- their participation in the G20 TechSprint and their submitted solution comply with all applicable laws, rules, and regulations.

6. If the judging panel selects one of the participant's solutions as a winning solution, the participant agrees to present the solution in a manner and format agreed with the organisers.

7. By registering for the TechSprint and accepting the terms and conditions, participants agree to grant Reserve Bank of India, the BIS, and/or the appointed Technology Partner the right to use, distribute to the public, and publicly display the solutions submitted for the purposes set forth in the G20 TechSprint Terms and Conditions, including the right to publish the solutions on the site and/or on other communication, analogue, digital and paper channels.

8. The competition will operate in English. All materials and communications submitted in connection with the competition must be in English.

Contact

For G20 TechSprint 2023 related queries, please reach out to

techsprint@rbi.org.in

For technical queries during registration or proposal submission process, please reach out to

apixsupport@synfindo.com