Johannesburg: 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.
According to South African Government News Agency, 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, three critical challenges have been identified 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.
SARB Governor Lesetja Kganyago highlighted that these challenges are not only globally relevant but also needed on the African continent. The call is 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. This year’s edition of the G20 TechSprint was officially launched in Johannesburg, Gauteng, aligning with Africa’s priorities and reflecting 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 contribute to the G20 Roadmap for Enhancing Cross-border Payments, it is hoped that this TechSprint will unlock fresh thinking and spark bolder ideas beyond what has been seen so far.
BIS General Manager Agustn Carstens stated that the G20 TechSprint is more than a competition, but a collaborative effort to redefine the future of finance. The collective challenge is 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 – are intended to inspire the breakdown of barriers and forge partnerships with lasting global impact.
This year’s TechSprint will focus on three problem statements, as formulated by the BIS Innovation Hub and SARB. These include digital identity solutions to establish trust among financial institutions through innovative, verifiable, and privacy-preserving digital identity technologies; credit data portability to improve the ability of small and medium-sized enterprises to access finance through secure, consumer-consented data exchange solutions; and solutions to mitigate fraud and cyber risks to drive the wider adoption of fast payment systems globally.
The G20 TechSprint 2025 is open to developers worldwide. Participants can register and submit technological solutions to one or more problem statements. Shortlisted teams will develop their solutions over eight weeks, showcase them, and receive feedback from national authorities and invited experts. An independent panel will choose one winning solution for each problem statement, to be announced by November, with winners receiving an award of USD 30,000 and short-listed projects receiving a stipend of USD 5,000. The last day to submit proposals is 20 June 2025.