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BIS Innovation Hub and Bank Indonesia announce winners of G20 TechSprint

Source: BIS

The Bank for International Settlements (BIS) and Bank Indonesia today announced the winners of the G20 TechSprint 2022 challenge during a live award ceremony in Jakarta.

This year's competition, under the Indonesian G20 Presidency, was launched in April to catalyse new technologies that would better enable the development and future use of central bank digital currencies (CBDCs).

An independent panel of 11 experts, convened by Bank Indonesia, assessed the developed prototypes from the 21 shortlisted teams and selected the following winners for each category:

Team Dragonfly Fintech Pte Ltd from Singapore won the "Effective and robust means to issue, distribute and transfer CBDCs" category for their solution End-to-End CBDC Solution, which is a proprietary blockchain ledger with unique in-built features and includes a mobile wallet and digital identity platform.

Team Bitt-IDEMIA from the US won the "Enabling Financial Inclusion" category for their solution Secure Offline CBDC Payment Solution, which is a platform that allows monetary authorities to launch interoperable CBDCs while also leveraging on a layer-2 solution to enable offline payments.

Team Partior from Singapore won the "Improving interoperability" category for their solution Project Naucratis: Enabling Connectivity & Interoperability for mCBDC, which is a blockchain-based multi-CBDC network that supports both account-based and token based CBDC models.

This TechSprint has allowed us to improve our practical work on CBDCs. These technological solutions add to the central banks' toolbox and provide a springboard for further development of CBDCs. Our heartiest congratulations to the winning teams.

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