The Monetary Authority of Singapore selects 15 finalists for its CBDC Challenge

Tuesday 31 August 2021 12:57 CET | News

The Monetary Authority of Singapore (MAS) has announced 15 finalists for its Global CBDC Challenge to find the best solutions for retail central bank digital currencies (CBDC). 

The finalists were whittled down from 300 applications and include a mixture of big banks, tech organisations already involved in CBDC initiatives, and a few new names.

Apart from prize money, finalists also gain access to the API Exchange (APIX) Digital Currency Sandbox for prototyping. The technologies in the sandbox include R3’s CBDC offering, Mastercard’s CBDC platform, the Partior Digital Currency from JP Morgan, DBS Bank and Temasek, and Mojaloop Real Time Payments.

In addition to Mastercard, Visa also has a presence as it partnered with ConsenSys to create a Visa Retail CBDC Payment module for the competition.

Four big banks, ANZ, Citibank Singapore, HSBC Singapore, and Standard Chartered, are amongst the finalists. Several technology providers made it to the finals, most of whom have significant CBDC proof of concept experience. They are Bitt (Eastern Caribbean), ConsenSys (MAS, Hong Kong, Thailand, South Africa, France, Australia), Giesecke+Devrient (Thailand, Ghana), IBM, and Soramitsu (Cambodia).

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Keywords: CBDC, Monetary Authority of Singapore (MAS), API, digital currency
Categories: Blockchain & Cryptocurrencies | Cryptocurrencies
Countries: Singapore
This article is part of category

Blockchain & Cryptocurrencies