G20 TechSprint seeks digital identity solutions to address trust in finance

The sixth edition of the G20 TechSprint challenge is inviting solutions to address trust and integrity in scalable and open finance.

The global competition is calling for developments and innovations in verifiable digital identity, consumer-consented credit data portability, fraud and cyber risk mitigation. Solutions must be scalable, adaptable, and inclusive, without being undermined by security concerns.

This latest edition of the G20 TechSprint was launched by the Bank for International Settlements (BIS) and the South African Reserve Bank (SARB). The international competition is open to developers worldwide with winners to be chosen in November by an independent judging panel.

“Our collective challenge is clear: to develop scalable, adaptable, and inclusive solutions that reinforce trust and integrity across borders,” said Agustín Carstens, general manager of the BIS.

Previous editions have focused on green and sustainable finance, cross-border payments, central bank digital currencies, among others. This year’s TechSprint concentrates on three problem statements formulated by the BIS Innovation Hub and SARB.

These are: “Digital identity solutions: establish trust among financial institutions through innovative, verifiable and privacy-preserving digital identity technologies”.

“Credit data portability: improve the ability of small and medium-sized enterprises to access finance through secure, consumer-consented data exchange solutions that facilitate seamless cross-border sharing of credit information;” and, “Solutions to mitigate fraud and cyber risks: drive the wider adoption of fast payment systems globally – and consequently promote financial inclusion and economic growth – through technology designed to reduce fraud and cyber risks.”

The winners for each category will receive an award of $30,000, which means there is a total of $90,000 up for grabs, while all shortlisted projects receive a stipend of $5,000. The deadline for submitting proposals is June 20. To participate, entrants will need to register here. Participation is free.

“We are looking forward to solutions that will bring more people into the digital economy and enable cross-border trade,” said Lesetja Kganyago, governor of SARB.

Article Topics

biometrics  |  digital identity  |  financial inclusion  |  financial services  |  G20  |  verifiable credentials