Brazilian company Ekonavi is among the three winners of the G20 TechSprint 2024, a global hackathon promoted and launched in April by the Central Bank of Brazil (BC) and the Bank for International Settlements (BIS). The winners of the G20 TechSprint 2024 were announced during a ceremony held in Brazil.
G20 Global Hackathon Recognizes Brazil’s Initiative
Ekonavi was the winner in category 1. The solution uses nature-based technologies to encourage sustainable investments focused primarily on environmental preservation. The proposal tokenizes data from ecological restoration projects, transforming them into investable assets. And all in line with international sustainability standards (ESG) and the United Nations Sustainable Development Goals (SDGs).
The G20 TechSprint is a global competition promoted by the BIS Innovation Hub and the G20 Presidency, to identify technological innovations that help, above all, solve challenges faced by central banks and regulators around the world.
Hong Kong-based team Tese won category 2, which focused on improving the quality and reliability of ESG data. The team’s solution focuses on creating ESG dashboards for small and medium-sized companies, making it easier to manage risks, opportunities and reports related to these practices.
The Kaleidofin team from India won in category 3, which sought solutions to support financial decisions and capital allocation aligned with the SDGs. Kaleidofin's proposal is a data-driven credit assessment platform. It promises to facilitate, above all, corporate financing through predictive risk models and innovative debt structures. Thus contributing to cost reduction and promoting goals such as financial inclusion and environmental preservation.
TechSprint 2024 was launched in April at the Brazilian G20 presidency
This year, the event was attended by developers from several countries. The focus was on solutions for the UN Sustainable Development Goals (SDGs).
Launched in April under Brazil’s presidency of the G20, TechSprint was supported by the Inter-American Development Bank (IDB), its innovation arm, IDB Lab, and the National Federation of Central Bank Employees’ Associations (Fenasbac). Fifteen pre-selected teams presented their solutions to a panel of independent judges.
TechSprint 2024 demonstrated how new technologies can scale sustainable finance solutions to achieve sustainable development goals. From preserving biodiversity to better managing ESG risks, these proposals have the potential to contribute to building a more sustainable financial future, said Cecilia Skingsley, Head of the BIS Innovation Hub.
“The BIS Innovation Hub is proud to partner with the Central Bank of Brazil in this year’s G20 TechSprint and we congratulate all the winners,” added Skingsley.
This fifth edition of the 'G20 TechSprint focused on sustainable finance, more specifically on solutions that align with sustainable development goals. The event attracted a record 110 proposals from all corners of the world, each offering a vision and a path to address the complex, and often interconnected, challenges of sustainable finance. This is an eloquent example of the level of impact we can achieve when we unite around common objectives”, said the president of the Central Bank of Brazil, Roberto Campos Neto.
Digitalization brings opportunities that go hand in hand with a rapidly evolving world. Through initiatives such as the G20 TechSprint, we can make concrete progress in exploring and using technologies that will foster sustainable finance and a just transition, said Paulo Picchetti, Director of the Central Bank of Brazil.
The themes of the TechSprint 2024 challenge are aligned with the G20 agenda. This year, for example, the agenda focused on social inequality, taxation of super fortunes and sustainable finance. Climate risk mitigation, global governance and rules for Artificial Intelligence were also highlights
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