{"id":157752,"date":"2023-09-07T12:29:46","date_gmt":"2023-09-07T06:59:46","guid":{"rendered":"https:\/\/www.gkseries.com\/blog\/?p=157752"},"modified":"2023-09-07T12:29:48","modified_gmt":"2023-09-07T06:59:48","slug":"bis-and-rbi-announce-g20-techsprint-2023-winners","status":"publish","type":"post","link":"https:\/\/www.gkseries.com\/blog\/bis-and-rbi-announce-g20-techsprint-2023-winners\/","title":{"rendered":"BIS and RBI Announce G20 TechSprint 2023 Winners"},"content":{"rendered":"\n<p><strong>BIS and RBI Announce G20 TechSprint 2023 Winners: <\/strong>The Bank for International Settlements (BIS) and the Reserve Bank of India (RBI) have recently unveiled the winners of the <strong>G20 TechSprint 2023<\/strong> challenge in a prestigious award ceremony held in Mumbai. This project, established by the RBI last May during India&#8217;s G20 leadership, aimed to develop innovative solutions that improve cross-border payments.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.gkseries.com\/blog\/daily-current-affairs-and-quiz\/\" target=\"_blank\" rel=\"noreferrer noopener\">Daily Current Affairs Quiz: September 2023<\/a><\/p>\n\n\n\n<p><strong>Problem Statements and Winning Solutions:<\/strong><\/p>\n\n\n\n<p><strong>Problem Statement #1: Combating Financial Crimes<\/strong><\/p>\n\n\n\n<p><strong>Winner:<\/strong> Team Secretarium Ltd. (UK)<\/p>\n\n\n\n<p><strong>Solution:<\/strong> Transaction Monitoring and Privacy Protection<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Utilised secure privacy technologies to combat money laundering, terrorism financing, tax evasion, and sanction evasion.<\/li>\n\n\n\n<li>Emphasized protecting anonymity and privacy in financial transactions.<\/li>\n<\/ul>\n\n\n\n<p><strong>Problem Statement #2: Enhancing Liquidity in Cross-Border Payments<\/strong><\/p>\n\n\n\n<p><strong>Winner:<\/strong> Team Millicent Labs (UK)<\/p>\n\n\n\n<p><strong>Solution:<\/strong> Hybrid Decentralized Exchange for CBDCs<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Launched a decentralised hybrid exchange for Central Bank Digital Currencies (CBDCs).<\/li>\n\n\n\n<li>Included automated market makers and traditional order books to optimize liquidity and minimize volatility risks.<\/li>\n<\/ul>\n\n\n\n<p><strong>Problem Statement #3: Developing Multilateral CBDC Platforms<\/strong><\/p>\n\n\n\n<p><strong>Winner:<\/strong> Team Knox Networks (US)<\/p>\n\n\n\n<p><strong>Solution:<\/strong> Multilateral CBDC based on File-Based Digital Assets (FBDAs)<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Proposed a multilateral CBDC solution using File-Based Digital Assets (FBDAs).<\/li>\n\n\n\n<li>Addressed the need for efficient cross-border CBDC platforms.<\/li>\n<\/ul>\n\n\n\n<p><strong>Shortlisted Teams:<\/strong><\/p>\n\n\n\n<p><strong>Problem Statement #1: Combating Financial Crimes<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Global Legal Entity Identifier Foundation (GLEIF)<\/li>\n\n\n\n<li>Global Screening Services (GSS)<\/li>\n\n\n\n<li>Mastercard Technology Private Limited<\/li>\n\n\n\n<li>Monetago<\/li>\n\n\n\n<li>PayGlocal<\/li>\n\n\n\n<li>Secretarium Ltd<\/li>\n\n\n\n<li>United Nations Capital Development Fund (UNCDF)<\/li>\n<\/ul>\n\n\n\n<p><strong>Problem Statement #2: Enhancing Liquidity in Cross-Border Payments<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Ajna Inc.<\/li>\n\n\n\n<li>Baton Systems Inc.<\/li>\n\n\n\n<li>Dian Nofitri\/Clever<\/li>\n\n\n\n<li>Groww<\/li>\n\n\n\n<li>Millicent Labs<\/li>\n\n\n\n<li>Partior<\/li>\n\n\n\n<li>Uniswap Labs<\/li>\n<\/ul>\n\n\n\n<p><strong>Problem Statement #3: Developing Multilateral CBDC Platforms<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Currency Network Ltd<\/li>\n\n\n\n<li>FortisNet Ltd<\/li>\n\n\n\n<li>Kevin Zhang<\/li>\n\n\n\n<li>Knox Networks<\/li>\n\n\n\n<li>Parfin<\/li>\n\n\n\n<li>Polly Bauumler<\/li>\n\n\n\n<li>Zerone Microsystems Pte. Ltd<\/li>\n<\/ul>\n\n\n\n<p><strong>Judges Panel:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Dilip Asbe:<\/strong> Managing Director and CEO, National Payments Corporations of India (NPCI)<\/li>\n\n\n\n<li><strong>Bryan Zheng Zhang:<\/strong> Co-founder and Executive Director, Cambridge Centre for Alternatives<\/li>\n\n\n\n<li><strong>Yvonne Tsui:<\/strong> Senior Fintech Director, Hong Kong Monetary Authority<\/li>\n\n\n\n<li><strong>Andrew McCormack:<\/strong> Chief Operating Officer, Al Etihad Payments<\/li>\n\n\n\n<li><strong>Andre Reslow:<\/strong> Senior Economist, International Monetary Fund (IMF)<\/li>\n\n\n\n<li><strong>Harish Natarajan:<\/strong> Senior Financial Sector Specialist, World Bank<\/li>\n\n\n\n<li><strong>Violaine Clerc:<\/strong> Executive Secretary, Financial Action Task Force<\/li>\n\n\n\n<li><strong>Peerapong Thonnagith:<\/strong> Deputy Director, Bank of Thailand<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>BIS and RBI Announce G20 TechSprint 2023 Winners: 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 project, established by the RBI last May during India&#8217;s G20 leadership, aimed to develop [&hellip;]<\/p>\n","protected":false},"author":894,"featured_media":157757,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[5153],"tags":[74,64],"class_list":["post-157752","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-current-affairs-september-2023","tag-bank-current-affairs","tag-reserve-bank-of-india-current-affairs"],"_links":{"self":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/157752","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/users\/894"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/comments?post=157752"}],"version-history":[{"count":1,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/157752\/revisions"}],"predecessor-version":[{"id":157758,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/157752\/revisions\/157758"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/media\/157757"}],"wp:attachment":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/media?parent=157752"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/categories?post=157752"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/tags?post=157752"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}