The Bank for International Settlements (BIS) and Bank Indonesia has announced the winners of the G20 TechSprint 2022 challenge during a live award ceremony in Jakarta.
The G20 TechSprint 2022 focused on solving technology challenges related to wholesale and retail central bank digital currencies (CBDCs).
This year’s competition, under the Indonesian G20 Presidency, was launched in April to catalyse new technologies that would better enable the development and future use of central bank digital currencies (CBDCs).
An independent panel of 11 experts convened by Bank Indonesia including Sopnendu Mohanty, Chief Fintech Officer at the Monetary Authority of Singapore, assessed the developed prototypes from the 21 shortlisted teams and selected the winners for each category.
“This TechSprint has allowed us to improve our practical work on CBDCs.
These technological solutions add to the central banks’ toolbox and provide a springboard for further development of CBDCs. Our heartiest congratulations to the winning teams.”
said Cecilia Skingsley, Head of the BIS Innovation Hub.
Here are the winners of the G20 TechSprint 2022:
Winner of the “Improving interoperability” category
Partior is a blockchain technology provider for payments clearing and settlement founded by DBS Bank, J.P. Morgan and Temasek.
The firm won for their solution Project Naucratis: Enabling Connectivity & Interoperability for mCBDC, which is a blockchain-based multi-CBDC network that supports both account-based and token based CBDC models.
Dragonfly Fintech (Singapore)
Winner of the “Effective and robust means to issue, distribute and transfer CBDCs” category
Dragonfly Fintech is a fintech solution provider utilising its proprietary blockchain technology to address clients’ unmet digital needs in the banking and capital markets. Its solutions’ focus areas include digital banking, capital markets and wealth management as well as Central Bank Digital Currencies (CBDCs).
The company was chosen for their End-to-End CBDC Solution, which is a proprietary blockchain ledger with unique in-built features and includes a mobile wallet and digital identity platform.
Team Bitt-IDEMIA (US)
Winner of the “Enabling Financial Inclusion” category
Bitt is a financial software company that provides solutions that are critical for the operationalisation of CBDC and digital currencies for all ecosystem participants.
Known for its identity technologies, IDEMIA offers its public and private customers payment, connectivity, access control, travel, identity and public security solutions.
The Bitt-IDEMIA team was chosen for their solution Secure Offline CBDC Payment Solution, which is a platform that allows monetary authorities to launch interoperable CBDCs while also leveraging on a layer-2 solution to enable offline payments.