Singapore central bank names finalists in retail CBDC solutions competition

The Monetary Authority of Singapore (MAS) announced 15 finalists in a global competition to develop retail central bank digital currency (CBDC) solutions.

According to the press release, as part of the Global CBDC Challenge initiative regulators received more than 300 submissions from over 50 countries.

Participants proposed addressing 12 identified problems related to tooling, distribution, and infrastructure for a retail CBDC.

Finalists’ proposals, MAS says, employ a range of approaches, including hardware wallets, digital identity, and asset tokenisation.

Among those selected by an independent jury for the final stage of the Global CBDC Challenge were Citibank, HSBC, Standard Chartered, ANZ Banking Group, ConsenSys, IBM, and several other prominent firms and financial institutions.

Over the next eight weeks, the finalists will refine and enhance their solutions with the help of the Tribe Accelerator blockchain accelerator and industry experts. They will also gain access to the API Exchange platform for financial-innovation and the Digital Currency Sandbox for prototyping products.

All 15 participants are eligible for grant funding of up to SGD 200,000 (about USD 148,611).

The final solutions will be presented at the annual fintech festival in Singapore. The top three projects will receive SGD 50,000 (about USD 37,153).

MAS launched the competition in June 2021 in partnership with the IMF, the World Bank, the Asian Development Bank, OECD, and UN bodies.

“The aim of the Global CBDC Challenge is to identify and develop solutions for a retail CBDC that will benefit the global community. We are energized by strong interest from both established financial institutions and developing fintech firms,” said Sopnendu Mohanty, MAS Chief Fintech Officer.

Earlier, the institution, together with the Bank of France tested the use of CBDC in wholesale cross-border payments and settlements.