BIS and South African Reserve Bank invite global innovators to take up G20 TechSprint challenge for trust and integrity in scalable and open finance
- The sixth edition of the G20 TechSprint global competition calls for solutions to address trust and integrity in finance.
- The G20 TechSprint invites development of innovative solutions for verifiable digital identity, consumer-consented credit data portability and fraud and cyber risk mitigation.
- Open to developers worldwide; winners to be chosen in November by an independent judging panel.
The Bank for International Settlements (BIS) and the South African Reserve Bank (SARB) today launched the sixth edition of the G20 TechSprint focused on developing innovative solutions to promote integrity and trust in finance.
The G20 TechSprint is an international competition to explore innovation and develop cutting-edge technological solutions to pressing global challenges. Following the success of the previous competitions in the areas of regulatory compliance and supervision, green and sustainable finance, central bank digital currencies, cross-border payments and solutions to support the UN Sustainable Development Goals, this year's TechSprint will focus on three problem statements, as formulated by the BIS Innovation Hub and SARB:
- Digital identity solutions: establish trust among financial institutions through innovative, verifiable and privacy-preserving digital identity technologies.
- Credit data portability: improve the ability of small and medium-sized enterprises to access finance through secure, consumer-consented data exchange solutions that facilitate seamless cross-border sharing of credit information.
- Solutions to mitigate fraud and cyber risks: drive the wider adoption of fast payment systems globally – and consequently promote financial inclusion and economic growth – through technology designed to reduce fraud and cyber risks.
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