,Singapore

MAS, international agencies launch Global Challenge for CBDC solutions

Finalists will receive mentorship from industry experts, a chance to prototype their solutions, and a cash prize.

 

The Monetary Authority of Singapore (MAS) has joined several key international institutions in launching the worldwide challenge for retail Central Bank Digital Currency (CBDC) solutions, also known as the Global CBDC Challenge.

Partnered institutions include the International Monetary Fund, World Bank, Asian Development Bank, United Nations Capital Development Fund, United Nations High Commission for Refugees, United Nations Development Programme, and the Organisation for Economic Co-operation and Development.

FinTech companies, financial institutions, and solution providers are invited to submit solutions to 12 problem statements centered on three key areas: CBDC Instrument; CBDC Distribution; and CBDC Infrastructure.

The proposed solution must be cost effective; accessible to a full spectrum of users; should contribute to financial system resilience and integrity; and consistent with monetary and financial stability.

The Challenge will be supported by Amazon Web Services, Mastercard, Partior, R3 and open source software foundations,Hyperledger and the Mojaloop Foundation, and managed by the API Exchange1(APIX)and Tribe Accelerator.

Up to 15 finalists will be selected to receive mentorship from industry experts and be given access to the APIX Digital Currency Sandbox for rapid prototyping of digital currency solutions.

Finalists will pitch their solutions to a global audience on Demo Day to be held during the Singapore FinTech Festival this November. Up to three winners will be chosen, each receiving $50,000 in prize money.

Interested parties can submit their applications here by July 23.

Join Asian Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

The bank said the merger is crucial in the REIT sector.
The company also experienced a loss of $647m for H1.
Entry submission runs from 6 September 2021 to 7 January 2022.
This is expected to speed up the electronic exchange of trade documents.
The insurer plans to use the fresh capital for product development.
The digital payments platform has teamed up with bolttech for this latest project.
This will take effect on 11 November 2021.
Cigna has operations in seven markets in Asia-Pacific.
Singapore banks are leading the way in adopting alternative reference rates.
8 out of 10 consumers in the region use online platforms to discover items they want to buy. 
ZALORA provides brands with data-driven insights derived from its 2.6 million users.
81% of banks seek to differentiate their customer experience.
The two hope to dispense over US$1b of loans over the next five years.
Mobile wallet adoption in Thailand, Vietnam far exceed those in the US, the UK.