According to the BIS, Twenty-one shortlisted teams from around the world competed to develop innovative technological solutions to improve cross-border payments. Solutions aim to reduce illicit finance risk; improve liquidity for emerging market and developing economy currencies in cross-border payments; and foster multilateral cross-border CBDC platforms.
The winning teams are: Secretarium Ltd, Millicent Labs, and Knox Networks. The Bank for International Settlements (BIS) and the Reserve Bank of India (RBI) announced the winners of the G20 TechSprint 2023 challenge during an award ceremony in Mumbai.
This year’s TechSprint was launched last May by the RBI and BIS to promote innovative solutions aimed at improving cross-border payments, under India’s G20 presidency. The 21 teams presented their prototypes to an independent panel of judges convened by the RBI in Mumbai.
Here are the winners for each of the three problem statements, Team Secretarium Ltd. from the UK won the category for problem statement #1, on fighting money laundering, combating financing of terrorism, tax and sanctions evasion, with their solution on transaction monitoring and protecting anonymity and privacy using secure privacy technology.
Team Millicent Labs from the UK won the category for problem statement #2, on improving liquidity in cross-border payments between emerging and developing countries’ currencies, with their hybrid decentralised exchange for CBDCs, which features automated market makers and traditional order books, to optimise liquidity and reduce volatility risk.
Team Knox Networks from the US won the category for problem statement #3 on developing multilateral cross-border CBDC platforms, with their multilateral CBDC solution based on File-Based Digital Assets (FBDAs).
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