The sixth edition of the G20 TechSprint is now officially under way! This worldwide challenge and innovation competitiveness seeks to solve some of the finance sector’s most critical challenges. This year's challenge, launched by the Bank for International Settlements (BIS) and the South African Reserve Bank (SARB), invites developers worldwide to create solutions that foster trust and integrity within scalable and open finance systems. The deadline for proposal submissions on June 20th is fast approaching – an exciting time for innovators looking to get in on the action.

Focus on Digital Trust and Financial Inclusion

The SARB and the BIS Innovation Hub have released three important problem statements for participants to address. These obstacles are focused on improving confidence and safety in the monetary environment.

Providing a total of $150,000 USD in prizes, the G20 TechSprint is highly incentivizing for teams who enter. A total of $90,000 in prize money will be awarded, with each of the winners receiving $30,000. Additionally, each of the shortlisted projects will be awarded a $5,000 stipend to help further their development work.

Digital identity solutions: establish trust among financial institutions through innovative, verifiable and privacy-preserving digital identity technologies - BIS Innovation Hub and SARB

Now an independent judging panel will consider all the submissions and announce the winners in November. This competition provides a valuable platform for developers to showcase their talents and contribute to shaping the future of finance.

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 - BIS Innovation Hub and SARB

Lesetja Kganyago, governor of SARB, said building an inclusive digital economy was paramount to ensuring no one is left behind with technological advancements.

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 - BIS Innovation Hub and SARB

Rewards and Recognition

Agustín Carstens, the general manager of the BIS, highlighted the collective effort required to build trust in cross-border financial systems.

An independent judging panel will evaluate the submissions and announce the winners in November. This competition provides a valuable platform for developers to showcase their talents and contribute to shaping the future of finance.

Leadership Perspectives

Lesetja Kganyago, the governor of SARB, emphasized the importance of inclusivity in the digital economy.

We are looking forward to solutions that will bring more people into the digital economy and enable cross-border trade - Lesetja Kganyago

Agustín Carstens, the general manager of the BIS, highlighted the collective effort required to build trust in cross-border financial systems.

Our collective challenge is clear: to develop scalable, adaptable, and inclusive solutions that reinforce trust and integrity across borders - Agustín Carstens

Entrants can register for the G20 TechSprint at https://app.apixplatform.com/h1/g20southafricahack.