BI and BIS Announce Three Winning Teams for the 2022 Techsprint Competition

JAKARTADAILY.ID – Bank Indonesia (BI) and the Bank for International Settlements (BIS) Innovation Hub announced the three winning teams for the G20 TechSprint 2022 competition themed on a central bank digital currency (CBDC).

The winner in each problem statement category was announced by BI Governor, Perry Warjiyo, directly from Washington DC at the IMF Annual Meetings 2022 and 4th G20 Meeting of Finance Ministers and Central Bank Governors.

The three winning teams were drawn from 21 finalists from 99 participants. They include:

Dragonfly FinTech Team from Singapore, winners of the 'Implementing Effective and Robust Issuance, Distribution and Transference' category with the 'End-to-End CBDC Solution'

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Bitt-IDEMIA Team from the United States, winners of the 'Enabling Financial Inclusion' category with the 'Secure Offline CBDC Payment Solution'

Partior Team from Singapore, winners of the 'Enabling Connectivity and Interoperability' category with the “Project Naucratis: Enabling Connectivity & Interoperability for mCBDC' solution.

Governor Perry took the opportunity to outline three main issues in the development of CBDC.  First, central banks must be able to determine the optimal CBDC design to meet policy objectives for implementation and to mitigate the risks.

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CBDC must function as sovereign public goods that can meet public needs in accordance with the mandate and objectives of the central bank. 

Second, well-designed CBDC, retail CBDC in particular, could help overcome financial inclusion barriers, including by providing offline capabilities, low-cost transactions, and data portability. 

“Notwithstanding, financial inclusion must be achieved immediately rather than waiting for or just relying on CBDC,” Perry said in a press release published on bi.go.id, Thursday, October 13, 2022.

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Third, CBDC must have interconnectivity, interoperability, and integration (3i) with financial market infrastructure and payment systems as well as the potential to strengthen cross-border payments by reducing friction through technical regulations in terms of compatibility, interfaces, and technology platforms.