Under India’s G20 Presidency, RBI and BIS Innovation Hub (BISIH) of the Bank for International Settlements had launched the fourth edition of the G20 TechSprint on May 4, 2023 and invited global innovators to help develop technology solutions for cross-border payments.

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.

Seven teams were shortlisted for each of the three problem statements and were allotted six-week time for development of the proposed solution.

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.

The winner of each problem statement is as under:

The 2023 edition has again brought forward innovative solutions to help address challenges in cross-border payments, a priority identified by the G20. For this year’s G20 TechSprint, the RBI in collaboration with the BIS Innovation Hub contributed to the global efforts in enhancing cross-border payments through innovative solutions.

A list of shortlisted teams for the finals is here.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2023-2024/865

List of shortlisted teams

Problem Statement 1:

Problem Statement 2:

Problem Statement 3:

Panel of Judges: