MAS, international agencies launch Global Challenge for CBDC solutions | Singapore Business Review

MAS, international agencies launch Global Challenge for CBDC solutions

Finalists will receive mentorship from industry experts, a chance to prototype their solutions, and a cash prize.


The Monetary Authority of Singapore (MAS) has joined several key international institutions in launching the worldwide challenge for retail Central Bank Digital Currency (CBDC) solutions, also known as the Global CBDC Challenge.

Partnered institutions include the International Monetary Fund, World Bank, Asian Development Bank, United Nations Capital Development Fund, United Nations High Commission for Refugees, United Nations Development Programme, and the Organisation for Economic Co-operation and Development.

FinTech companies, financial institutions, and solution providers are invited to submit solutions to 12 problem statements centered on three key areas: CBDC Instrument; CBDC Distribution; and CBDC Infrastructure.

The proposed solution must be cost effective; accessible to a full spectrum of users; should contribute to financial system resilience and integrity; and consistent with monetary and financial stability.

The Challenge will be supported by Amazon Web Services, Mastercard, Partior, R3 and open source software foundations,Hyperledger and the Mojaloop Foundation, and managed by the API Exchange1(APIX)and Tribe Accelerator.

Up to 15 finalists will be selected to receive mentorship from industry experts and be given access to the APIX Digital Currency Sandbox for rapid prototyping of digital currency solutions.

Finalists will pitch their solutions to a global audience on Demo Day to be held during the Singapore FinTech Festival this November. Up to three winners will be chosen, each receiving $50,000 in prize money.

Interested parties can submit their applications here by July 23.

Get Singapore Business Review in your inbox
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

All of its key businesses were profitable in the first six months of the year.
Singtel, Keppel Corp, and OCBC Bank led the Straits Times Index on 29 July.
There seems to be a trend amongst workers looking to switch employers.
Total property income decreased by 4% but was offset by the decline in expenses. 
This is under the Special Situation Fund for Startups investment scheme. 
Called Project Nexus, the blueprint outlines how countries can integrate their retail payment systems onto a single cross-border network.
It plans to expand in the coming months, on the back of China’s economic recovery.
Funds will be used to modernise its portfolio.
Local financial firms are expected to remain resilient even should the economy slip into a recession again.
The Mapletree group of companies led the index on 28 July.