The Reserve Bank of South Africa (SARB) and the International Bank for Reconciliation (BIS) are urging innovators around the world to develop technical solutions for verifiable digital identities, consumer-ready credit data portability and fraud, and cyber risk mitigation.
This forms part of TechSprint, a global innovation challenge seeking best-in-class technology solutions to address the global regulatory and central banking community’s common challenges and key priorities.
As South Africa hosts a group of 20 (G20) presidents this year, the Global Competition is a joint initiative between the presidency and the BIS Innovation Hub.
“It assumes a solution that is scalable, cross-border capabilities and built on trust and integrity. We have identified three key challenges for innovators to solve.
“The first challenge is developing digital identity solutions that provide verifiable privacy. The second is creating secure credit data exchanges that incorporate consumer consent. The third is the advancement of technology solutions for fraud and cyber risk mitigation.
“We believe these challenges are not only globally relevant, but also necessary on the African continent. We are looking for solutions that will draw more people into the digital economy and enable cross-border trade, particularly within the framework of the African Continental Free Trade Area (AFCFTA).”
This year’s edition of G20 TechSprint has been officially released in Johannesburg, Gauteng.
It coincides with Africa’s priorities and reflects the themes of South Africa’s G20 presidency, including digital inclusion, small business growth, and cross-border trade.
According to the governor, a secure, consumer-dependent data exchange solution that promotes seamless cross-border sharing of credit information unlocks access to small and medium-sized businesses to finance.
“The exchange of cross-border credit data in a safe and reliable environment will begin access to products such as real-time credit scoring and workflow automation.
“As the Reserve Bank of South Africa is embarking on an ambitious agenda to make a meaningful contribution to the G20 roadmap to modernize South Africa’s payment system and enhance cross-border payments, we hope this high-tech print unlocks fresh thinking and sparks bold ideas beyond what we’ve seen so far.
“Innovation must promote inclusion, build trust and have lasting impact on the continent and the world,” says Kganyago.
BIS general manager Agustín Carstens said the G20 TechSprint is more than a competition.
“Rathering the future of finances is a joint effort. Our collective challenge is clear: developing scalable, adaptable, comprehensive solutions that enhance trust and integrity across borders.
“The theme of South Africa’s presidency – solidarity, equality and sustainability – should encourage people to break barriers and develop partnerships that have a global impact,” Carstens said.
This year’s TechSprint will focus on three problem statements developed by the BIS Innovation Hub and the SARB.
these are:
– Digital Identity Solutions: Establish trust among financial institutions through innovative, verifiable and privacy-providing digital identity technology.
• Credit Data Portability: Improves SMEs’ ability to access finance through secure, consumer-sensitive data exchange solutions that promote seamless cross-border sharing of credit information.
– Solutions to Mitigate Fraud and Cyber Risk: Promote the widespread adoption of globally fast payment systems through technologies designed to reduce fraud and cyber risk, thereby driving financial inclusion and economic growth.
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How to participate
The G20 TechSprint 2025 is open to developers around the world. To participate, please register here: https://app.apixplatform.com/h1/g20southafricahack to submit your technical solution to one or more problem statements.
Finalist teams will be invited to develop solutions over eight weeks, to showcase them and receive feedback from national authorities and invited experts.
An independent panel of experts will select one victory solution for each question statement issued by November.
Winners in each category (question statement) will receive a $30,000 award. All shortlist projects have a scholarship of USD 5,000.
The last day you submit your proposal is June 20, 2025.
For more information, please visit resbank.co.za or bis.org. To apply, please visit the competition page.
