Dragonfly Fintech Wins G20 TechSprint CBDC Challenge

Singapore, Singapore, 19 Oct 2022, Chainwire

Under Indonesia’s G20 Presidency, the Bank for International Settlements (BIS) Innovation Hub and Bank Indonesia winner Last week at the co-hosted G20 TechSprint competition live awards formula in Jakarta. The third edition of this TechSprint aims to accelerate the development of Central Bank Digital Currencies (CBDC). 21 finalists from his 100+ applicants worldwide have developed and submitted their innovative best-in-class his CBDC solutions.

Dragonfly Fintech Pte. coveted from singapore Effective and Robust Means for Issuing, Distributing and Transferring CBDCAhead of nearly 100 participants worldwide, including Fortune 500 companies category. Other finalists in this category include BitMint, FIS, Mastercard Asia Pacific, R3, Ripple, Roxe CBDC and SeaA (Stellar, eCurrency, ANZ).

Other competition categories were ‘Achieving Financial Inclusion’ and ‘Improving Interoperability’. A panel of 11 global expert judges conducted rigorous evaluation and scoring to determine the winners.

Announcing this year’s winners, Cecilia Skingsley, Head of BIS Innovation Hub, said:
This TechSprint has allowed us to improve our practical work on CBDC. These technical solutions will be added to the central banks toolbox and serve as a starting point for further development of CBDC. I would like to congratulate you.

Dragonfly’s award-winning production-ready solution demonstrated an effective and robust means of issuing, distributing, and transferring wholesale and retail CBDCs. The submitted solutions included:

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1. nCore: Dragonfly’s proprietary blockchain infrastructure designed for digital banking, enabling regulatory compliance, privacy and control, direct correspondent banking, and interoperability with legacy systems.
2. Central Bank Solution: A central bank integrated with an independent network controlled by the central bank will be able to securely issue and distribute CBDC, implement monetary policy, and fully monitor CBDC in circulation. Onboarded Financial Institutions (FIs) can leverage the network to settle multi-currency remittances.
3. mWallet: Integrated with an independently controlled FI network, Dragonfly’s mobile banking solution comes with a modularized backend operations management system that can be quickly expanded into a full-fledged digital bank.

Dragonfly follows the main design principles, CBDCs Simpleand the solution is:

• S.Scalable: The decentralized multi-network design can scale quickly to accommodate nationwide CBDC deployments and facilitate cross-border payments.
• MeInteroperability: Operators can integrate with existing core banking ledgers and external payment and settlement rails.
• M.odular: Easily plug in new digital banking modules with APIs and SDKs available in multiple popular coding languages.
• P.Programmability: A high degree of programmability facilitates the design of innovative services, giving carriers a competitive advantage.
• L.ayered: This solution is a ready-to-use stack of future-proof Layer 1 and Layer 2 technologies.
• eScalable: A multi-touchpoint experience with dual offline capabilities that can serve unbanked users.

Dragonfly Founder and CEO Lon Wong said of the best implementation of CBDC:

“For any country to embark on a CBDC, I believe the implementation must be able to converge on the web of the existing legacy financial system. For significant CBDC deployments, especially in a vast and spaced archipelago like Indonesia, the financial burden should be minimized through decentralized and decentralized technology, preferably in a cloud environment.“

Dragonfly Director and Advisor Jeswant Gill outlined the company’s next steps.

“Our avant-garde platform infrastructure allows us to continue building more plugins, features and functionality. Modular design encourages continuous innovation, enabling our solutions to progress and mature at an accelerated pace, continuing our path as market leaders. A key focus going forward will be working with the Indonesian government to pilot his CBDC solution.“

Winning this challenge is proof that cutting-edge technology can be implemented in a cost-effective manner. Dragonfly is inspired to bring its practical solutions to emerging economies around the world.

About Dragonfly Fintech

dragonfly fintech We offer breakthrough technology that is optimally cost-effective and easily accessible. Its customizable blockchain-powered fintech solutions help businesses increase revenue and scale their services while controlling costs. Dragonfly solves traditional problems such as complex infrastructure, slow transactions, and poor interoperability with a suite of technologies that enable businesses and governments to take advantage of blockchain technology, reducing time to market. to deploy cutting-edge fintech solutions with maximum accessibility.

For more information on Dragonfly’s products, please visit: www.dfintech.com. Get in touch by email [emailprotected].

contact

Nicholas Watson, Executive Director of Dragonfly Fintech Pte Ltd said: [emailprotected]