TechSprint 2024 Hackathon

Take part to win exiting prizes

DAY 00
HR 00
MIN 00
SEC 00

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The journey begins... unleash your capabilities . Join the TechSprint

  • Launch - Submit Proposals

  • Proposal Submission Ends

  • Shortlisting Finalists

  • Solution Submission Ends

  • Announce Winners

All timings are as per (GMT +8:00) Singapore, Beijing, Perth, Hong Kong
Organized By

About Us

The G20 TechSprint is a joint initiative between the G20 Presidency and the Bank for International Settlements Innovation Hub (BISIH) to seek out best-in-class novel technological solutions aimed at addressing high priority areas of interest amongst the global community.

Under India’s G20 Presidency, the Reserve Bank of India and the BISIH are soliciting innovative technological solutions to transform global cross-border payments landscape in the fourth edition of the G20 TechSprint. We invite the international community of innovators, entrepreneurs, start-ups, changemakers, creators, developers, data scientists, designers, digital marketing and communication experts who are passionate about creating extraordinary impact to come up with innovative technological solutions to key challenges in the cross-border payments arena.

If you have what it takes and share the desire to showcase your talent to enable cross border payments faster, cheaper, secure and more transparent, well, this is the place. Join forces with other talented people and take part in this contest.

Problem Statements

The three problem statements identified for this year’s TechSprint were developed in consultation with the G20 members and represent common high priority gaps and opportunities where innovative technology solutions in the cross-border payments are sought.

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Problem Statement 1

AML/CFT/Sanctions technology solutions to reduce illicit finance risk.

Multilateral cross-border payment platforms, including multiple CBDC platforms, could face reputational risk if they are used for payments related to money laundering, terrorist financing or potential sanctions evasion.
Accordingly, we call for AML/CFT/Sanctions technology solutions that can be integrated into such multilateral platforms to reduce illicit finance risk, increasing efficiency in AML/CFT/Sanctions screening processes, while ensuring a given level of confidentiality between participants and platform operators.
For reference, this could include digital identity solutions, KYC/AML/CFT/Sanctions utilities, zero knowledge proofs (ZKP), black/ white-listing, automated screening combined with alerts to participants and other technology solutions. These solutions in turn can be developed using technologies such as data analytics, machine learning, artificial intelligence, network analytics, federated learning, blockchain, smart contracts and/or other technologies.

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Problem Statement 2

FX and liquidity technology solutions to enable settlement in emerging market and developing economy (EMDE) currencies.

Due to the risk of unexpected volatility in FX rates, FX and liquidity risks can make it more challenging to operate multilateral platforms relative to domestic systems, particularly if the platform processes multiple currencies. To mitigate these risks, a multilateral platform may opt to settle in a few liquid currencies or mandate participants to fully pre-fund their accounts or choose to settle on a deferred net basis. However, these choices could limit the usability of such platforms.

Accordingly, we call for FX and cross-currency liquidity technology solutions that can be integrated into multilateral platforms, including multiple CBDC platforms, to enable competitive pricing, and to settle payments in a larger number of currencies, including in EMDE currencies, on a real time basis with reduced liquidity demands. For reference, this could include liquidity optimisation, liquidity bridges, limit order books, among others. Technology solutions can be combined with data analytics, predictive machine learning tools, smart contract and other technologies.

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Problem Statement 3

Technology solutions for multilateral cross-border CBDC platforms.

This problem statement calls for solutions and technologies that participants believe offer promise with regard to multilateral cross-border CBDC platforms. This problem statement is intentionally kept broad to encourage participants to present the most promising technology solutions in the context of multilateral cross-border CBDC platform development.

For reference, it could include technologies that can contribute to interoperability across multi-CBDC platforms or their interoperability with domestic payment systems, solutions that pursue data standardization to facilitate interoperability and application programming interfaces (APIs). Other ideas may concern digitised governance and voting solutions, embedded supervision, privacy technologies and cyber security solutions for multilateral cross-border CBDC platforms, while ensuring operational resiliency.

AWARDS

ATTRACTIVE AWARDS AND STIPENDS

Attractive awards would be given to the winner in each of the problem statements. Stipends will also be given to each shortlisted participants to defray any development expenses. Prize contributions are from the Reserve Bank of India.

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$25,000 for the Winner

One winner in each category of problem statement shall receive an award of USD 25,000

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$5000 Stipend

All the shortlisted teams for the 'Solution Development' phase shall receive a stipend of USD 5000

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Engagement with Experts

Shortlisted participants will also have the opportunity to have in-depth discussions and feedback from national authorities and experts in the cross-border payments field.

PARTICIPATING JUDGES

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Rachel Zhang

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Manoja M

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Sir Leonard Castro

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Liam

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MAdhu Varshini

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Madhu Varshini

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Aries Phan

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Eligibility

Registration is open to participants with a good track record of developing scalable technological solutions to tackle the challenges presented in the above problem statements.

2. The competition is open to participants who meet all the following criteria:

- Be over 18 years of age.
- Not be an employee of the organizers and supporters or any of their subsidiaries or affiliates, nor a direct family member of one of their employees;
- Agree to the TechSprint 2024 User Terms and Conditions (T&C) which govern participation in the TechSprint 2024; and
- Agree to the APIX Terms of Use, which govern the use of the APIX Platform.

3. Participants must complete the registration and proposal submission process within the indicated timeframe. Any request to postpone submission will not be considered.

Media Centre

FAQ

Am I eligible?

Teams from all countries interested in solving the problem statements and who have a proven track record of delivery – whether writing software, designing user experiences, or product management– may participate. Participation in the Techsprint is expected in the form of teams. However, a team is also allowed to consist of a single Participant. Shortlisted teams will need to demonstrate that they have a deployable and scalable solution for the identified problem statement by the time of the final judging.

Are there any other requirements?

At the time of registration, you will have to agree to the T&C of the G20 TechSprint 2024 and the Event Platform’s user requirements.

What is the expected deliverable at the end of the G20 TechSprint, and will my team have a chance to deploy the solution?

For this competition, we are seeking production-ready and deployable prototypes. However, there is no commitment or expectation on the part of the organizers that the prototype will be deployed. Winning teams will have the opportunity to showcase their solutions.

Must I be a registered company?

No, teams do not have to be registered companies. Although not a requirement, we anticipate that most teams will comprise around 5-6 members performing different functions to develop the working prototypes. Please note that all shortlisted teams will receive a single stipend irrespective of their team's size.

Will G20 TechSprint offer prizes?

The five pre-selected teams of each problem will be given a single stipend, irrespective of their team's size. A team can only be pre-selected for one problem statement. A final prize will be awarded to the winner of each problem statement.

Is there a cap on the number of applications and proposals for each problem statement?

Yes. We are seeking the best global solutions to address the problem statements. We will accept a limit of 100 applications for each problem statement. Once all the limits have been reached, no further proposals will be accepted. A team can only be shortlisted once. We therefore encourage teams to submit their registrations and proposals as soon as possible, well ahead of the submission deadline.

Can I participate in multiple problem statements?

You can form a team to participate in multiple problem statements. However, we recommend that each team only competes in one problem statement and focuses on its strongest area of specialization. A team can only be shortlisted once, and each participant can only join one team.

How will the winning proposals be selected?

There will be two rounds of evaluation. Proposals will first be reviewed by the Techsprint organizers and experts appointed by the Bank for International Settlements Innovation Hub (BISIH). This is to shortlist up to 15 teams to enter the prototype development phase of the TechSprint. The 15 teams would subsequently submit their developed solution prototypes to be assessed by a panel of expert judges convened by the Banco Central do Brasil (BCB) and BIS.

Will I retain the IP rights to my developed solutions at the end of the TechSprint?

Yes, you will retain the title, rights of ownership, or intellectual property rights of any kind regarding the solutions and any related information that you submit or develop on the Platform in response to the Problem Statements. Your final submission is made available to the judging panel via the APIX platform. You declare and guarantee that: • you have all the necessary authorizations, permissions, licenses, and agreements to participate in the TechSprint and for all material uploaded to, or developed on, the Platform; • your participation in the TechSprint and your submission of Solution(s) comply with all applicable laws, rules, and regulations. If the judging panel selects one of your solutions as a winning solution, you agree to present the solution in a manner and format agreed with the organizers. Please note that by registering for the Techsprint and accepting the T&C you agree to grant to the organizers, for the purposes therein set forth, the right to publicly disclose and display the Projects submitted during the Event, including the right to publish the Projects on the Site and/or on other communication channels, whether analogue, digital, or paper media.

Where can I find more information about the problem statements?

Additional information is above, in the "learn more" section, next to each of the three problem statements presented in this challenge.

Are there any open data that can be used for the prototype?

You can use any open data.

Will the information shared be kept confidential?

Information provided to us through the online application will be shared only on a need-to-know basis within the relevant event and evaluation teams. The information provided will be retained by us post the program for audit purposes and will be shared with an external party only upon obtaining explicit permission from the applicant / authorized team member.

Can I request for re-evaluation in case I am not satisfied with the Judges’ decision?

No. You cannot request for re-evaluation. The decision of the judges shall be final and binding. The Organisers reserves all rights with respect to the event.

Are the participants allowed to leverage their own IDEs?

The participants can choose to develop the solution via APIX or use their own IDEs. But if they are using their own IDEs then they will have to bring the code, compile it, run it on APIX, and present the running code before the judges for evaluation.

Things to note

1. Leaders of the participant team must fully register the team and submit their solution(s) to one or more problem statements by the end of the registration period.

2. Early registration is encouraged. Registrations to specific problem statements may close once the application cap on that problem statement is reached. Participation is free of charge.

3. Each team member can only join one team. Each team (typically comprising 3 to 8 members) can submit one proposal for each problem statement. Teams are allowed to apply for more than one problem statement, but they can only be shortlisted for one problem statement.

4. The participant will retain the title, rights of ownership, or intellectual property rights of any kind regarding the solutions and any related information submitted or developed on the platform in response to the problem statements.

5. Final submissions from all shortlisted participants will need to be made available to the judging panel via the Technology Provider's platform. By submitting, participants declare and guarantee that:
- they have all necessary authorisations, permissions, licenses, and agreements to participate in the TechSprint and for all material uploaded to or developed on the platform;
- their participation in the TechSprint and their submitted solution comply with all applicable laws, rules, and regulations.

6. If the judging panel selects one of the participant's solutions as a winning solution, the participant agrees to present the solution in a manner and format agreed with the organisers.

7. By registering for the TechSprint and accepting the T&C participants agree to grant the organizers, for the purposes therein set forth, the right to publicly disclose and display the Projects submitted during the Event, including the right to publish the Projects on the Site and/or on other communication channels, whether analogue, digital, or paper media.

8. The competition will operate in English. All materials and communications submitted in connection with the competition must be in English.

How to Register For Hackathon & Submit Proposal

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TechSprint 2024 Hackathon

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