The Monetary Authority of Singapore (MAS), the central bank of Singapore, announced on the 28th that it will hold a competition “Global CBDC Challenge” aiming to solve 12 problems of the Central Bank Digital Currency (CBDC). Targets are fintech companies, financial institutions, and solution providers around the world.
For example, the first question is, “Can the retail CBDC system incorporate additional functionality beyond the basic value transfer without the user having to use a smartphone?”
The competition is sponsored by the IMF (International Monetary Fund), World Bank, Asian Development Bank (ADB), United Nations Capital Development Fund (UNCDF), United Nations High Commissioner for Refugees (UNHCR), United Nations Development Program (UNDP), and Economic Cooperation. Development Organization (OECD).
Sponsored by Amazon Web Services (AWS), Mastercard, payment platform Partior, blockchain software development company R3, blockchain project Hyperledger, and open source platform Mojaloop.
Eighty percent of the world’s central banks are expected to be actively considering Central Bank Digital Currency (CBDC) use cases, and many face policy, privacy and technology challenges.
Finalists will be given the opportunity to present their ideas on Demo Day at the Singapore FinTech Festival in November.
A maximum of 3 winners will be selected and the prize money will be awarded. Up to 15 finalists will also be provided with access to the mentor program and crypto asset sandbox.