Bitt and IDEMIA win 2022 G20 TechSprint global CBDC competition

PRNewswireOctober 13, 20223 min

Bitt and IDEMIA are pleased to have won the 2022 G20 TechSprint global CBDC competition. The announcement came ahead of the G20 Bali Summit from the Bank for International Settlements (BIS) and Bank Indonesia as they concluded their third annual contest, which received more than 100 submissions from many of the world’s leading financial, technology, science, and marketing companies.  An independent panel of 11 experts, convened by Bank Indonesia, assessed the developed prototypes from the shortlisted teams to determine the winners.

Bitt and IDEMIA joined forces to bring together Bitt’s Digital Currency Management System (DCMS) and IDEMIA’s secure solution for offline CBDC payments. The different components enable central banks to launch their CBDC with complete interoperability with current systems, to ensure low-cost access with a variety of easy-to-use payment devices and the best identity management verification available in full compliance with regulatory requirements.

This is the promise to offer a truly inclusive and convenient CBDC with no compromise on usability or security. “Bitt and IDEMIA are humbled to have been given such a prestigious award! Our solution gives everyone access to CBDC, even to those who cannot afford a smartphone. We help fulfill the vision to make digital cash available anywhere and anytime, with or without network coverage,” says Jerome Ajdenbaum, VP Digital Currencies at IDEMIA.

Imran Khan, EVP of Partnerships of Bitt, says “We are honored to have Bitt recognized as one of the primary leaders in the CBDC space. Our partnership with IDEMIA propelled our organizations to develop and showcase our best work, and we look forward to offering offline payment solutions to the world’s monetary authorities and financial institutions as we support them in expanding financial services to all members of society.”

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