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.
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The TechSprint 2023 will focus on three problem statements formulated by the BIS Innovation Hub (BISIH) and RBI. The problem statements include the following:
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.
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.
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:
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