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 Statements and Winning Solutions:
Problem Statement #1: Combating Financial Crimes
Winner: Team Secretarium Ltd. (UK)
Solution: Transaction Monitoring and Privacy Protection
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- Utilized secure privacy technology to combat money laundering, financing of terrorism, tax evasion, and sanctions evasion.
- Emphasized protecting anonymity and privacy in financial transactions.
Problem Statement #2: Enhancing Liquidity in Cross-Border Payments
Winner: Team Millicent Labs (UK)
Solution: Hybrid Decentralized Exchange for CBDCs
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- Introduced a hybrid decentralized exchange for Central Bank Digital Currencies (CBDCs).
- Included automated market makers and traditional order books to optimize liquidity and minimize volatility risks.
Problem Statement #3: Developing Multilateral CBDC Platforms
Winner: Team Knox Networks (US)
Solution: Multilateral CBDC based on File-Based Digital Assets (FBDAs)
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- Proposed a multilateral CBDC solution using File-Based Digital Assets (FBDAs).
- Addressed the need for efficient cross-border CBDC platforms.
Shortlisted Teams:
Problem Statement #1: Combating Financial Crimes
- Global Legal Entity Identifier Foundation (GLEIF)
- Global Screening Services (GSS)
- Mastercard Technology Private Limited
- Monetago
- PayGlocal
- Secretarium Ltd
- United Nations Capital Development Fund (UNCDF)
Problem Statement #2: Enhancing Liquidity in Cross-Border Payments
- Ajna Inc.
- Baton Systems Inc.
- Dian Nofitri/Clever
- Groww
- Millicent Labs
- Partior
- Uniswap Labs
Problem Statement #3: Developing Multilateral CBDC Platforms
- Currency Network Ltd
- FortisNet Ltd
- Kevin Zhang
- Knox Networks
- Parfin
- Polly Bauumler
- Zerone Microsystems Pte. Ltd
Judges Panel:
- Dilip Asbe: Managing Director and CEO, National Payments Corporations of India (NPCI)
- Bryan Zheng Zhang: Co-founder and Executive Director, Cambridge Centre for Alternatives
- Yvonne Tsui: Senior Fintech Director, Hong Kong Monetary Authority
- Andrew McCormack: Chief Operating Officer, Al Etihad Payments
- Andre Reslow: Senior Economist, International Monetary Fund (IMF)
- Harish Natarajan: Senior Financial Sector Specialist, World Bank
- Violaine Clerc: Executive Secretary, Financial Action Task Force
- Peerapong Thonnagith: Deputy Director, Bank of Thailand
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