Singapore, Singpore, 19th October, 2022, Chainwire
The Bank for International Settlements (BIS) Innovation Hub and Bank Indonesia under the Indonesian G20 Presidency announced the winners of their jointly organized G20 TechSprint competition last week during a live award ceremony in Jakarta. This third edition of the TechSprint aims to catalyze the development of central bank digital currency (CBDC). Twenty-one finalists from more than 100 applicants worldwide developed and submitted innovative best-in-class CBDC solutions.
Dragonfly Fintech Pte. Ltd. from Singapore won the coveted “Effective and robust means to issue, distribute and transfer CBDCs” category ahead of about 100 participants globally, including some Fortune 500 companies. The other finalists for this category included BitMint, FIS, Mastercard Asia Pacific, R3, Ripple, Roxe CBDC, S.e.A.(Stellar, eCurrency and ANZ).
Other competition categories were “Enabling Financial Inclusion and “Improving Interoperability.” Eleven global expert judges conducted rigorous evaluation and scoring to decide the winners.
With the announcement of this year’s winners, Cecilia Skingsley, Head of the BIS Innovation Hub, said:
“This TechSprint has allowed us to improve our practical work on CBDCs. These technological solutions add to the central banks’ toolbox and provide a springboard for the further development of CBDCs. Our heartiest congratulations to the winning teams.”
Dragonfly’s winning production-ready solution showcased an effective and robust means for the issuance, distribution, and transfer of CBDC for wholesale and retail usage. The submitted solution included the following:
Dragonfly followed key design principles to make CBDC SIMPLE, with its solution being:
Dragonfly’s founder and CEO, Lon Wong, gave his thoughts on the optimal implementation for CBDC:
“For any country to embark on CBDC, I believe an implementation must be able to converge with the existing web of legacy financial systems. The financial burden for a significant CBDC rollout, especially for a vast and spaced-out archipelago like Indonesia, should be minimized through distributed and decentralized technology, preferably in a cloud environment, enabling the lowest possible cost of ownership with no single point of failure.“
Board member and advisor of Dragonfly, Jeswant Gill, outlined next-steps for the company:
“Our avant-garde platform infrastructure allows us to continue building more plug-ins, features, and functions. The modular design facilitates continuous innovation enabling our solution to advance and mature at an accelerated pace, staying the course as a market leader. A key focus moving forward is to engage and collaborate with the Indonesian government to pilot our CBDC solution.“
Winning this challenge serves as an affirmation that cutting-edge technology can be implemented cost-effectively. Dragonfly is inspired to bring its practical solution to emerging economies globally.
About Dragonfly Fintech
Dragonfly Fintech offers groundbreaking technology that is optimally cost-effective and easily accessible. Its customizable blockchain-powered fintech solutions help companies grow revenue and expand offerings while keeping costs at bay. Dragonfly solves legacy problems like complex infrastructure, slow transactions, and low interoperability with a technology suite that allows enterprises and governments to leverage blockchain technology, deploying cutting-edge fintech solutions with fast time-to-market and maximum accessibility.
To find out more about Dragonfly’s products, visit www.dfintech.com. Get in touch by emailing enquiry@dfintech.com.
Executive Director
Nicholas Watson
Dragonfly Fintech Pte Ltd
nicholas.watson@dfintech.com
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