G20TechSprint2023

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FinTech

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About

TechSprint 2023 received an enthusiastic response with 93 proposals submitted across the three problem statements by teams from Australia, Canada, Germany, India, Indonesia, Sweden, Singapore, UK and USA, among others. The final evaluation was held during September 03-04, 2023 in Mumbai during which, the 21 shortlisted teams demonstrated their solutions to an independent panel of judges. The panel of judges selected one team each as the winner for each of the three problem statements. The three winning teams were awarded a prize money of INR 4 million each and were felicitated by Governor Shri Shaktikanta Das at a function held in Mumbai on September 4, 2023.

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gt20_problemStatement: Problem Statements

In this year's G20 TechSprint, solutions are called for making multilateral cross-border payments efficient. The specific focus is on technology solutions that can be added to multilateral payment platforms, including multiple CBDC platforms, to reduce illicit finance risk and FX and liquidity risks and to foster interoperability. Through this focus the G20 TechSprint intends to provide significant contributions to the G20 priority of making cross-border payments faster, cheaper and more transparent.

A. 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.

B. FX and liquidity technology solutions to enable settlement in more 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.

C. 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.

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How to apply?

Interested participants can visit the TechSprint page on APIX platform by clicking on the below link (https://hackolosseum.apixplatform.com/h1/g20techsprint2023). Participants can register for the TechSprint by creating login credentials and submit their proposals for one or more problem statements.

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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.

G20 TechSprint Journey

Start Registration: May 04, 2023: Registration commences from May 04, 2023. Register to participate in G20 TechSprint 2023 here (https://hackolosseum.apixplatform.com/h1/g20techsprint2023) .
Proposal Submission Deadline: June 04, 2023: Participants must complete submission of fully completed proposal to address one of the problem statements.
Shortlist Finalists: Proposals will be reviewed and shortlisted by experts and the organisers. Shortlisted participants will be invited to a midpoint event to solicit feedback on their as-developed solution prototypes.
Solutions Development: July/August 2023: Shortlisted solutions will be developed from July to August 2023 over a period of six weeks and submitted for evaluation on the APIX platform.
Winners Announcement: Late August / Early September 2023: Shortlisted solutions will be evaluated, and winners will be selected by an independent judging panel convened by the organisers.

Note: All timings are as per (GMT +5:30) Indian Standard Time

Rewards

ATTRACTIVE AWARDS AND STIPENDS FROM RESERVE BANK OF INDIA

Prizes:

Attractive award of INR 40,00,000 (approx. USD 50,000), before tax and any additional charges, would be given to the winner under each of the Problem Statement. These awards are contributed by the Reserve Bank of India.

Stipends given to each shortlisted participant:

A stipend of INR 8,00,000 (approx. USD 10,000), before tax and any additional charges, would also be given to each of the shortlisted participants, to defray any development expenses. These cash awards are contributed by the Reserve Bank of India.

Engagement with Experts in cross-border payments:

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

Fintech FAQ G20TechSprint2023

FAQs

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.