10/25/2021 | News release | Distributed by Public on 10/25/2021 03:13
The winners of the G20 TechSprint 2021 competition will be announced on 25 October in an event in Milan.
Banca d'Italia and the Bank for International Settlements (BIS) Innovation Hub launched this international 'hackathon' in May as part of Italy's G20 Presidency drive to develop new technologies to resolve some of the most pressing challenges in green and sustainable finance.
The TechSprint received almost 250 draft and 99 full proposals from 25 countries, of which 21 teams passed to the final stage. An independent panel of 21 world experts selected the three most promising solutions for the challenges proposed by Banca d'Italia and the BIS Innovation Hub, with input from G20 finance ministries and central banks.
The winners will be revealed on 25 October at 12:00 p.m. (CEST), in an event at the National Museum of Science and Technology Leonardo da Vinci, in Milan. The winning teams will showcase their solutions and reply to questions from the audience. A panel discussion will follow.
Ignazio Visco, Governor of the Bank of Italy
Roberto Cingolani, Minister for Ecological Transition, Italy
Fahad Aldossari, Deputy Governor, Saudi Central Bank
Benoît Cœuré, Head of the BIS Innovation Hub
Sharon Donnery, Deputy Governor, Central Bank of Ireland
Sabine Mauderer, Deputy Governor, Deutsche Bundesbank
Alessandra Perrazzelli, Deputy Governor, Bank of Italy
Fiorenzo Galli, Director of the National Museum of Science and Technology Leonardo da Vinci
Andrew McCormack, Head of the BIS Innovation Hub Singapore Centre
Christine Chow, Global Head of Stewardship, HSBC Global Asset Management
Gerhard Mulder, Head of Climate Risk Services
Aldo Ravazzi Douvan, University of Rome Tor Vergata and Luiss
Stefano Righi, Corriere della Sera
The event will be streamed live on Banca d'Italia's YouTube channel.
The world is facing significant challenges in its efforts to limit and reverse climate change and develop fair, inclusive and sustainable economies within single countries and across borders. Progress in addressing these challenges requires a collective effort, and government policies alone may not be enough. We must call upon the entrepreneurial ingenuity of citizens, scientists, and changemakers. Green and sustainable finance, together with social and governance dimensions (ESG), can contribute to allocating capital to projects that will reduce and reverse the environmental impact of air, land, and water pollution, climate change and loss of biodiversity. The search for innovative technological solutions in the field of finance is in line with the three key priorities, 'People, Planet and Prosperity', of Italy's G20 Presidency.
Banca d'Italia and the BIS Innovation Hub, together with submissions from G20 finance ministries and central banks, have identified three high-priority operational problems:
Banca d'Italia has offered total prize money of €360,000: each of the three winning teams will receive a cash prize of €50,000, while the 21 shortlisted teams have received a stipend of €10,000 regardless of their team's size. The three winners will be fast-tracked into the MAS Global Fintech Hackcelerator finals and will showcase their solutions during the Singapore FinTech Festival in November and receive an additional S$20,000 stipend.
What: G20 TechSprint 2021 Awards Ceremony
When: 25 October 2021, 12:00 PM CET
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