BIS and Bank of Italy announce the G20 TechSprint shortlist, and judges
By Joy Dumasia
Twenty-one teams have been shortlisted in the G20 TechSprint competition out of 99 submissions from teams worldwide.
The judging panel includes private and public sector experts in the field of financial sector data and technology.
The initiative highlights the potential of new technology to tackle challenges in green and sustainable finance.
The Bank of Italy, under the Italian G20 Presidency and the Bank of International Settlements (BIS) Innovation Hub, announced the shortlisted finalists and judges for the G20 green and sustainable finance challenge.
The Bank of Italy and the BIS Innovation Hub published three high-priority operational problems. They invited the international community of innovators, entrepreneurs, developers, data scientists and designers to develop innovative technological solutions.
A total of 89 teams from more than 25 countries submitted 99 solutions to face these problems using the dedicated Codemotion platform for registration and online judging. Twenty-one has now been shortlisted by a panel of representatives of a Green Finance and Data Consultancy firm appointed by BIS to showcase the prototypes at a workshop in August for feedback from national authorities and experts.
An independent expert panel, organized and sponsored by the Bank of Italy will judge the submissions and select the most promising solutions. In addition, Alessandra Perrazzelli, Deputy Governor of the Bank of Italy, will act as an observer for all three problem statements. Winners will be announced in October, and cash prizes awarded.
Andrew McCormack, Head of the BIS Innovation Hub Centre in Singapore, said: “We were delighted to see the strong interest in the G20 TechSprint and to receive so many innovative and accomplished entries from all over the world. This response shows how the private sector can play a key role in solving high-level challenges to help promote green finance and contribute to global financial progress and stability. The teams that qualify for this next stage of prototype development have proposed some efficient yet innovative approaches to address the problem statements. We look forward to seeing the fully developed solutions.”
Recently, IBS Intelligence reported that Afterpay, a Buy Now Pay Later platform, announced its European service Clearpay to merchants across Spain, France and Italy. The company stated that by offering Clearpay in Europe, the company could support existing global retail partners who would like to offer its customers across Europe.