The Monetary Authority of Singapore has launched a “Global CBDC Challenge,” inviting proposals for retail central bank digital currency innovations to improve payment services and promote financial inclusion.
Fast facts:
- The initiative, launched in partnership with the International Monetary Fund, the World Bank, the Asian Development Bank, the United Nations Capital Development Fund, the United Nations High Commission for Refugees, the United Nations Development Programme, and the Organisation for Economic Co-operation and Development — calls on companies around the world to provide solutions for retail CBDCs — intended for individuals and businesses — to address 12 problem statements related to CBDC instruments, distribution and infrastructure.
- “Central banks worldwide are actively exploring issuance of digital currencies, and are confronted with a wide range of policy and technology challenges,” said Sopnendu Mohanty, MAS’s chief fintech officer. “Through the Global CBDC Challenge, MAS hopes to encourage innovator communities worldwide to develop and showcase solutions that can maximize the potential of CBDC to deliver efficiencies to payment services, improve financial inclusion, consistent with central banks’ core mandate of monetary stability.”
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- The deadline for submissions is July 23. Finalists will have the opportunity to pitch their solutions at this year’s Singapore FinTech Festival in November. As many as three winners will each receive S$50,000 (US$37,000) in prize money. Finalists will be fast-tracked to receive up to S$200,000 (US$149,000) in MAS Financial Sector Technology and Innovation Proof-of-Concept grant funding.
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