In this episode of ITWeb TV, news editor Admire Moyo speaks to Lyle Horsley, head of fintech at the South African Reserve Bank, about the upcoming G20 Techsprint hackathon. She also discusses some of the biggest fintech trends the central bank is observing in South Africa. #SARB #Fintech #Cryptocurrency #Payments #Hackathon
The South African Reserve Bank (SARB) is looking for best-in-class technological solutions to help central banks and financial sector regulators to solve policy problems.
It hopes the G20 Techsprint global hackathon will spur innovations in this arena.
In this episode of ITWeb TV, Lyle Horsley, head of fintech at SARB, discusses what it takes to accept the challenge, the problems the participants need to solve, as well as the rewards on offer.
Horsley also details some of the biggest fintech trends the central bank is witnessing.
The G20 Techsprint, in collaboration with the Bank of International Settlements, officially launched on 6 May, as part of South Africa’s G20 Presidency, and is the sixth edition, noted Horsley.
South Africa holds the G20 Presidency from 1 December 2024, through to 30 November 2025, marking the first time an African country leads the G20.
According to Horsley, the Techsprint is a call to innovators and developers from across the world, to come up with innovative technologies to solve some of the sector’s problems.
Lyle Horsley, head of fintech at SARB.
While past Techsprints have focused on aspects like central bank digital currencies, sustainable finance and cross-border payments, she said this edition will focus on trust and integrity, which are the cornerstones of finance.
“It’s an opportunity to look for best-in-class technological solutions to solve some of the problems that we have put forward. We think these problems are not only relevant to the SARB, but to the global policymakers and global central banking community as well,” said Horsley.
“It’s a fantastic opportunity to showcase what innovations are on the continent, as well as in South Africa.”
She noted that the SARB has provided three problems for the contestants. “The first calls for solutions to develop digital identity solutions. We think that’s really important. As finance becomes increasingly digitised, we need to think about an identity that will be able to be used within a digital financial ecosystem.”
The second speaks to data portability, specifically to help SMMEs financing themselves, she noted. “This is about how can we think about moving data across borders to enable SMMEs to access new finance opportunities.”
The third looks at addressing fraud and cyber risks in fast payment systems. “We know that in Africa, increasingly, fast payment systems are being adopted. These enable money to move from one person to another person within seconds.”
Winners for each category will be chosen in November by an independent panel and stand to win awards of up to $30 000 (R535 000). Horsley pointed out that the shortlisted solutions will get $5 000 (R89 000).
The closing date for entries is 4 July and the awards ceremony is scheduled for 11 November.
Click here to register.
