The Bank for International Settlements (BIS) and the Reserve Bank of India (RBI) have recently unveiled the winners of the G20 TechSprint 2023 challenge in a prestigious award ceremony held in Mumbai. This initiative, launched by the RBI last May under India’s G20 presidency, sought to foster innovative solutions that enhance cross-border payments.
Problem Statement #1: Combating Financial Crimes
Winner: Team Secretarium Ltd. (UK)
Solution: Transaction Monitoring and Privacy Protection
Problem Statement #2: Enhancing Liquidity in Cross-Border Payments
Winner: Team Millicent Labs (UK)
Solution: Hybrid Decentralized Exchange for CBDCs
Problem Statement #3: Developing Multilateral CBDC Platforms
Winner: Team Knox Networks (US)
Solution: Multilateral CBDC based on File-Based Digital Assets (FBDAs)
Problem Statement #1: Combating Financial Crimes
Problem Statement #2: Enhancing Liquidity in Cross-Border Payments
Problem Statement #3: Developing Multilateral CBDC Platforms
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