Central Bank Digital Currency Holds CBDC Challenge
On the 28th, the Monetary Authority of Singapore (MAS), which is equivalent to the country’s central bank, announced the “Global CBDC Challenge”, a competition aimed at launching retail CBDC (Central Bank Digital Currency) in collaboration with the IMF (International Monetary Fund).
It is said that 4.1 million yen (50,000 SGD) will be donated to the three finalists who will be decided in November by soliciting CBDC solutions from fintech companies and financial institutions around the world.
The Global CBDC Challenge is a competition that calls for 12 challenges that focus on the three areas of CBDC infrastructure, CBDC distribution, and infrastructure, with a view to streamlining payments and promoting financial inclusion. In addition to the IMF, the following international organizations will be partners.
- World Bank
- Asian Development Bank
- United Nations Capital Development Fund
- United Nations High Commissioner for Refugees
- Organization for Economic Co-operation and Development
In addition, the following tech companies are also participating as support companies.
- Amazon Web Services (AWS)
- master Card
- Mojaloop Foundation
Registration for the Global CBDC Challenge will begin on June 28th. Companies and organizations wishing to participate must submit a proposal by July 23.
Then, by August 27, a panel of industry experts had selected 15 finalists. During the 8-week “acceleration phase”, you can participate in workshops where you have the opportunity to receive feedback from industry experts to improve and modify your CBDC solution.
After the deadline of 31st October, finalists will unveil their solutions at the Singapore FinTech Festival in November. A maximum of three winners will each receive a prize of 4.1 million yen (50,000 SGD).
Sopnendu Mohanty, CFO of MAS, commented:
Central banks around the world are actively considering issuing digital currencies and face a variety of policy and technical challenges.
Through the Global CBDC Challenge, MAS develops solutions that maximize the potential of CBDC to streamline payment services and improve financial inclusion and introduce them to the innovator community around the world to central banks. We want to contribute to financial stability, which is our core responsibility.
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