The South African Reserve Bank (SARB) and the Bank for International Settlements (BIS) is calling on innovators around the world to develop technological solutions for verifiable digital identity, consumer-consented credit data portability and fraud and cyber risk mitigation.
This forms part of the TechSprint, a global innovation challenge calling for best-in-class technological solutions to address common challenges and key priorities of the global regulatory and central banking community.
With South Africa hosting the Group of Twenty (G20) Presidency this year, the global competition is a joint initiative between the Presidency and the BIS Innovation Hub.
“Premised on solutions that are scalable, have cross-border capability, and are built on trust and integrity, we have identified three critical challenges for innovators to solve.
“The first challenge is the development of verifiable, privacy-preserving digital identity solutions; the second is the creation of a secure credit data exchange that incorporates consumer consent; and the third is the advancement of technology solutions for fraud and cyber-risk mitigation.
“We believe that these challenges are not only globally relevant but also what is needed on the African continent. We are looking for solutions that will bring more people into the digital economy and enable cross-border trade, especially within the African Continental Free Trade Area (AfCFTA) framework,” SARB Governor Lesetja Kganyago said on Tuesday.
This year’s edition of the G20 TechSprint was officially launched in Johannesburg, Gauteng.
It aligns with Africa’s priorities and reflects the themes of South Africa’s G20 Presidency − including digital inclusion, small and medium-sized enterprise growth, and cross border trade.
According to the Governor, a secure, consumer-consented data exchange solution that facilitates seamless cross-border sharing of credit information will unlock small and medium enterprises’ access to finance.
“The exchange of credit data across borders in a safe and trusted environment will open up access to offerings such as real-time credit scoring or workflow automation.
“As the South African Reserve Bank embarks on an ambitious agenda to modernise South Africa’s payment system and make a meaningful contribution to the G20 Roadmap for Enhancing Cross-border Payments, we hope this TechSprint will unlock fresh thinking and spark bolder ideas beyond what we have seen so far.
“Innovation must drive inclusion, build trust and deliver a lasting impact on our continent and across the world,” Kganyago said.
BIS General Manager Agustín Carstens said the G20 TechSprint is more than a competition.
“It is a collaborative effort to redefine the future of finance. Our collective challenge is clear: to develop scalable, adaptable and inclusive solutions that reinforce trust and integrity across borders.
“The themes of South Africa’s presidency – solidarity, equality and sustainability – should inspire us to break down barriers and forge partnerships that have lasting global impact,” Carstens said.
This year’s TechSprint will focus on three problem statements, as formulated by the BIS Innovation Hub and SARB.
These are:
• 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 access 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 the wider adoption of fast payment systems globally – and consequently promote financial inclusion and economic growth – through technology designed to reduce fraud and cyber risks.
How to participate
The G20 TechSprint 2025 is open to developers from around the world. To participate, register here: https://app.apixplatform.com/h1/g20southafricahack and submit technological solutions to one or more problem statements.
Shortlisted teams will be invited to develop their solutions over an eight-week period and will have an opportunity to showcase them and receive feedback from national authorities and invited experts.
An independent panel of experts will choose one winning solution for each problem statement, to be announced by November.
The winners for each category (problem statement) will receive an award of USD 30,000. All short-listed projects receive a stipend of USD 5,000.
The last day to submit proposals is 20 June 2025.
For more information, visit: resbank.co.za or bis.org. To apply, visit the competition page. -SAnews.gov.za
