Singapore considers CBDC implementation with shortlist of companies

The 15 finalists that will be selected will help Singapore build and launch a central bank digital currency (CBDC) in the retail market.

The

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Monetary Authority of Singapore (MAS) has released

a

shortlist of

15 finalists who will work to

develop a retail

CBDC

. The group of finalists consists of financial institutions, FinTechs and technology solution providers from around the world. MAS hopes to progress the collaboration through the acceleration phase of the Global CBDC Challenge before presenting solutions to judges at the FinTech Festival in Singapore.

Singapore takes steps in CBDC development

The

Global CBDC Challenge received more than 300 entries from around the world, with more than half coming from Asia. The participants who submitted their solutions were tasked with solving more than a dozen problems related to CBDC instruments, distribution and infrastructure. Additionally, topics included interoperability and programmability. MAS adds that:

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The finalists’ proposals sought to address multiple problem statements through a variety of technology approaches. Including hardware wallets, digital identity and asset tokenization solutions.

The final group of 15 was then selected by an independent group of policy and technical experts, academics, and senior partner representatives from intergovernmental organizations who served as judges for the competition.

The 15 finalists are: ANZ Banking Group Limited, Bitt, Citibank N.A., Singapore, cLabs, Inc, Consensys, Extolabs LLC, Giesecke+Devrient advance52 GmbH, HSBC Bank (Singapore) Limited and HSBC Holdings plc, IBM, IDEMIA, Criteo, IOG Singapore Pte Ltd, Soramitsu, Standard Chartered Bank and Xfers Pte. Ltd. Six of the finalists are from Singapore, while the others are from the United States, Germany, Barbados and several other countries.

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Next steps for the selected 15

Now that the group of finalists has been selected, they will continue with an eight-week acceleration phase supported by Tribe Accelerator. The goal of this phase is to further develop and refine their solution with expert mentoring. Masterclasses and networking sessions will be led by industry experts. The accelerator will also provide access to the Exchange Digital Currency Sandbox API. This tool will allow them to “rapidly prototype their digital currency solutions”.

After eight weeks, during the Global CBDC Challenge Demo Day, each finalist will present their solutions and the top three will receive a $50,000 cash prize. Each participant will be eligible for future grants of up to $200,000. Each finalist’s solutions will also be published in a report after the event.

Director of FinTech at MAS, Sopnendu Mohanty,

he said:

The quality of proposals received from the global innovation community was impressive. There was a healthy diversity of approaches to solutions across different categories of problem statements. We look forward to showcasing the shortlisted solutions at the Singapore FinTech Festival.

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