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RBI and BIS open applications for cross-border payments TechSprint

Source: Bank for International Settlements

The RBI and the BIS today jointly launched the fourth edition of the G20 TechSprint Initiative, a global technology competition to promote innovative solutions aimed at improving cross-border payments, under India's G20 presidency.

Following the success of the three previous competitions in the areas of regulatory compliance (regtech) and supervision (suptech), green and sustainable finance, and central bank digital currencies (CBDCs), the 2023 TechSprint will focus on three problem statements on cross-border payments, as formulated by the RBI and the BIS Innovation Hub.

Technology solutions to reduce illicit finance risk around anti-money laundering, countering the financing of terrorism and sanctions.
Foreign exchange and liquidity technology solutions to enable settlement in emerging market and developing economy currencies.
Technology solutions for multilateral cross-border central bank digital currency platforms.

The detailed problem statements are available at https://hackolosseum.apixplatform.com/h1/g20techsprint2023

There is a need to explore solutions to improve efficiency in the cross-border payments space. The time is opportune for innovative tech-based solutions facilitated through standardised protocols and arrangements among nations to solve this problem. There have been increased efforts from RBI, but such efforts need to be expanded and scaled up. When payments across borders become efficient, economic linkages, economic cooperation and economic activities across borders become easier, effective and efficient.
T Rabi Sankar, Deputy Governor, RBI

While preserving financial integrity, payments should be able to flow seamlessly across borders and between payment systems to promote competition. The BIS Innovation Hub has been working closely with our global membership to experiment with different innovative solutions to improve many of its known issues. By leveraging the important work of the G20 cross-border payments programme, this TechSprint will make an important contribution to this effort, which ultimately aims to improve people's lives all over the world.
Cecilia Skingsley, Head of the BIS Innovation Hub
How to participate

The G20 TechSprint 2023 is open to developers from around the world. To participate, register at https://hackolosseum.apixplatform.com/h1/g20techsprint2023 and submit technological solutions to one or more problem statements.

Shortlisted teams will be invited to develop their solutions over a six-week period and each team will be eligible for a stipend of INR 8,00,000 (approximately USD 10,000). The shortlisted teams will have an opportunity to showcase their as-developed solutions and to receive feedback from national authorities and invited experts.

An independent panel of experts will select the most promising solution to each problem statement from the shortlisted solutions, to be announced at a final event in August/ September 2023. The winners for each problem statement will receive an award of INR 40,00,000 (approximately USD 50,000).

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