{"id":295,"date":"2022-10-19T10:12:53","date_gmt":"2022-10-19T10:12:53","guid":{"rendered":"http:\/\/live-script.xyz\/dragonfly-fintech-wins-g20-techsprint-cbdc-challenge\/"},"modified":"2022-10-19T10:12:53","modified_gmt":"2022-10-19T10:12:53","slug":"dragonfly-fintech-wins-g20-techsprint-cbdc-challenge","status":"publish","type":"post","link":"https:\/\/live-script.xyz\/dragonfly-fintech-wins-g20-techsprint-cbdc-challenge\/","title":{"rendered":"Dragonfly Fintech Wins G20 TechSprint CBDC Challenge"},"content":{"rendered":"<p><strong>Singapore, Singpore, 19th October, 2022, Chainwire<\/strong><\/p>\n<p>The Bank for International Settlements (BIS) Innovation Hub and Bank Indonesia under the Indonesian G20 Presidency announced the <a href=\"https:\/\/www.bis.org\/press\/p221012.htm\" target=\"_blank\" rel=\"noopener\">winners<\/a> of their jointly organized G20 TechSprint competition last week during a live award <a href=\"https:\/\/youtu.be\/--YT8DVHQLE\" target=\"_blank\" rel=\"noopener\">ceremony<\/a> 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.<\/p>\n<p><a href=\"https:\/\/www.dfintech.com\/\" target=\"_blank\" rel=\"noopener\">Dragonfly Fintech Pte. Ltd.<\/a> from Singapore won the coveted \u201cEffective and robust means to issue, distribute and transfer CBDCs\u201d 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).<\/p>\n<p>Other competition categories were \u201cEnabling Financial Inclusion and \u201cImproving Interoperability.\u201d Eleven global expert judges conducted rigorous evaluation and scoring to decide the winners.<\/p>\n<p>With the announcement of this year\u2019s winners, Cecilia Skingsley, Head of the BIS Innovation Hub, said:<br \/>\n\u201cThis TechSprint has allowed us to improve our practical work on CBDCs. These technological solutions add to the central banks\u2019 toolbox and provide a springboard for the further development of CBDCs. Our heartiest congratulations to the winning teams.\u201d<\/p>\n<p>Dragonfly\u2019s 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:<\/p>\n<p>nCore: Dragonfly\u2019s proprietary blockchain infrastructure, designed for digital banking, enabling regulatory compliance, privacy and control, direct correspondent banking, and interoperability with legacy systems.<br \/>\nCentral Bank Solution: Integrated with an independent central bank-controlled network, a central bank can securely issue and distribute CBDC, execute monetary policy, and have complete oversight over CBDC in circulation. Onboarded financial institutions (FIs) can leverage the network to settle multi-currency transfers.<br \/>\nmWallet: Integrated with an independently controlled FI network, Dragonfly\u2019s mobile banking solution comes with a modularized backend operating management system that can quickly scale into a full-fledged digital bank.<\/p>\n<p>Dragonfly followed key design principles to make <a href=\"https:\/\/www.youtube.com\/watch?v=tGD2LF2FRm8\" target=\"_blank\" rel=\"noopener\">CBDC SIMPLE<\/a>, with its solution being:<\/p>\n<p>Scalable: The distributed multi-network design can quickly scale to serve a national CBDC rollout and facilitate cross-border payments.<br \/>\nInteroperable: Operators can integrate with existing core banking ledgers and external payment and settlement rails.<br \/>\nModular: New digital banking modules can easily be plugged in using APIs and SDKs available in multiple common coding languages.<br \/>\nProgrammable: High programmability facilitates the design of innovative services, giving operators a competitive edge.<br \/>\nLayered: The solution is a ready-to-use stack of future-proof layer one and two technologies.<br \/>\nExtensible: A multi-touchpoint experience with dual offline capabilities that can serve the unbanked.<\/p>\n<p class=\"chainwire-video-container\">\nDragonfly\u2019s founder and CEO, Lon Wong, gave his thoughts on the optimal implementation for CBDC:<\/p>\n<p>\u201cFor 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.\u201d<\/p>\n<p>Board member and advisor of Dragonfly, Jeswant Gill, outlined next-steps for the company:<\/p>\n<p>\u201cOur 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.\u201d<\/p>\n<p>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.<\/p>\n<h2>About Dragonfly Fintech<\/h2>\n<p><a href=\"http:\/\/www.dfintech.com\/\" target=\"_blank\" rel=\"noopener\">Dragonfly Fintech<\/a> 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.<\/p>\n<p>To find out more about Dragonfly\u2019s products, visit <a href=\"https:\/\/www.dfintech.com\/\" target=\"_blank\" rel=\"noopener\">www.dfintech.com<\/a>. Get in touch by emailing <a href=\"mailto:enquiry@dfintech.com\" target=\"_blank\" rel=\"noopener\">enquiry@dfintech.com<\/a>.<\/p>\n<h2>Contact<\/h2>\n<p>Nicholas Watson, Executive Director, Dragonfly Fintech Pte Ltd, nicholas.watson@dfintech.com<\/p>\n<p>The post <a href=\"https:\/\/cointext.com\/news\/dragonfly-fintech-wins-g20-techsprint-cbdc-challenge\/\">Dragonfly Fintech Wins G20 TechSprint CBDC Challenge<\/a> appeared first on <a href=\"https:\/\/cointext.com\/\">The Home of Altcoins: All About Crypto, Bitcoin &amp; Altcoins | Cointext.com<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"<p>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 [&hellip;]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Dragonfly Fintech Wins G20 TechSprint CBDC Challenge - Latest Cryptocurrency &amp; blockchain News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/live-script.xyz\/dragonfly-fintech-wins-g20-techsprint-cbdc-challenge\/\" \/>\n<meta property=\"og:locale\" content=\"ko_KR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dragonfly Fintech Wins G20 TechSprint CBDC Challenge - Latest Cryptocurrency &amp; blockchain News\" \/>\n<meta property=\"og:description\" content=\"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. 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