The Bank for International Settlements (BIS) and South African Reserve Bank, under the South African Group of Twenty (G20) Presidency, announced the shortlisted finalists for the sixth edition of the G20 TechSprint challenge on trust and integrity in scalable and open finance.

The shortlisted teams now have until mid-October to complete their prototypes, which will then be judged by an independent expert panel. Winners for each of the three categories will be announced in November ahead of the G20 Summit in South Africa.

The 15 finalists were selected from more than 165 participating teams from more than 30 countries and jurisdictions.

Shortlisted teams

More on the G20 TechSprint

Every year, the G20 TechSprint promotes the development of cutting-edge technological solutions to pressing global challenges and the priorities of the global regulatory and central bank community.

Following the success of previous competitions in the areas of  regulatory compliance and supervision, green and sustainable finance, central bank digital currencies, cross-border payments and solutions to support the UN Sustainable Development Goals, this year's TechSprint focuses on three problem statements, as formulated by the BIS Innovation Hub and SARB.

·       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 finance through secure, consumer-consented data exchange solutions that facilitate seamless cross-border sharing of credit information.

Solutions to mitigate fraud and cyber risks: drive wider adoption of fast payment systems globally - and promote financial inclusion and economic growth - through technology designed to reduce fraud and cyber risks.