RBI, BIS launch global technology competition ‘G20 TechSprint’

Reserve Bank of India(RBI) and Bank for International Settlements (BIS) have launched G20 TechSprint, a global technology competition. RBI and the BIS Innovation Hub have jointly announced the fourth edition of the G20 TechSprint. RBI said that the 2023 TechSprint will focus on developing innovative technology solutions for cross-border payments. 

The competition is open for developers around the world for submitting application from today to 4th June. The results will be announced at a final event in



August or September this year.

 

Shortlisted teams will be invited to develop their solutions over a six-week period and each team will be eligible for a stipend of eight lakh rupees approximately 10,000 US dollar. An independent panel of experts will select the most promising solution to each problem statement from the shortlisted solutions. The winners for each problem statement will receive an award of forty lakh rupees approximately 50,000 US dollar.