RBI and BIS launch G20 TechSprint 2023 for Cross-border Payments Innovation:
The Reserve Bank of India (RBI) and the Bank for International Settlements (BIS) have announced the launch of the G20 TechSprint 2023, a global competition aimed at improving cross-border payments through innovative technology solutions. The fourth edition of the competition was unveiled on May 4, and it is open to global innovators.
Problem Statements for TechSprint 2023:
The TechSprint 2023 will focus on three problem statements formulated by the BIS Innovation Hub (BISIH) and RBI. The problem statements include the following:
- Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT)
- Sanctions technology solutions to reduce illicit finance risk, forex (FX), and liquidity technology solutions to enable settlement in emerging market and developing economy (EMDE) currencies
- Technology solutions for multilateral cross-border central banking digital currency (CBDC) platforms.
The competition aims to showcase how technology solutions can address illicit financing risks, provide settlement solutions in other currencies, and achieve interoperability in multi-lateral CBDC platforms.
Competition Details and Timeline:
The G20 TechSprint 2023 competition is open to developers from around the world to submit their applications from May 4 to June 4, 2023. The competition will conclude around August/September 2023.
The TechSprint is a global technology competition that promotes innovative solutions aimed at improving cross-border payments. The competition is intended to encourage collaboration between financial institutions, technology providers, and other stakeholders in the global financial system to develop innovative solutions for cross-border payments.
Bank for International Settlements (BIS), key points:
The Bank for International Settlements (BIS) is an international financial institution owned by central banks that facilitates cooperation among central banks and other agencies in pursuit of monetary and financial stability.
Here are some key points about BIS:
- Established in 1930, BIS is the world’s oldest international financial organization.
- It is headquartered in Basel, Switzerland, and has representative offices in Hong Kong and Mexico City.
- Its membership includes 63 central banks from around the world, representing countries that account for about 95% of global GDP.
- The BIS’s mission is to promote international monetary and financial cooperation and to serve as a bank for central banks.
- The BIS acts as a forum for central banks to share information, discuss policy issues, and collaborate on research.
- The BIS also provides banking services to central banks and other international organizations, such as the International Monetary Fund (IMF).
- The BIS is involved in promoting financial stability, including by conducting research on financial markets and instruments and providing assistance to central banks in managing their reserves.
- The BIS is also responsible for setting global standards and guidelines for banking and financial market regulation, including through its Committee on Banking Supervision and Committee on Payments and Market Infrastructures.
You may also read this: