Central bank digital currency (CBDC) is the topic for this year’s G20 Techsprint hackathon and today, the 21 finalists were announced. Indonesia, which holds the current G20 Presidency, is the host of the challenge, collaborating with the Bank for International Settlements (BIS) Innovation Hub.
Twenty one finalists were chosen from more than a hundred entrants and they will now flesh out their prototypes for the end of August. Finalists had the opportunity to demonstrate their entries to the Bank of Indonesia, the BIS and other central bankers.
“The G20 TechSprint Initiative is a great opportunity for bright and ambitious young individuals as well as mature and well-established firms to show off their best potential and bring the most innovative and applicable solutions in CBDCs,” said Juda Agung, Bank Indonesia Deputy Governor.
Each of the teams addressed one of three problem statements.
Building effective and robust means to issue, distribute and transfer CBDCs:
- Dragonfly Fintech
- Mastercard Asia Pacific
- Roxe CBDC
- S.e.A. (Stellar, eCurrency and ANZ)
Solutions to enable financial inclusion:
- Crunchfish AB
- DANA Indonesia – DANA XCOOL Team
- Umoja Labs
- Extolabs – no smartphone, no problem. This includes a smart card, like a credit card which can also be used offline
- Giesecke+Devrient (G+D) Filia
- Rumsan – Blockchain Foundation Nepal
Improving connectivity and interoperability:
- Andhiko Soetono – CBDC NewIdea
- Business Reporting Advisory Group
- FreeFlow Finance
- Satellite Moving Devices – paywith.glass
Other CBDC Challenges include one run last year by the Monetary Authority of Singapore and the central bank of Brazil’s LIFT Challenge, which is still in progress.