Singapore’s Central Bank, IMF Launch Global Challenge for CBDC Solutions

Singapore’s Central Bank, IMF Launch Global Challenge for CBDC Solutions

The Monetary Authority of Singapore (MAS) has teamed up with the International Monetary Fund (IMF), World Bank and others to launch a competition where entrants must tackle 12 unresolved challenges posed by central bank digital currencies (CBDCs).

  • “Can a retail CBDC system be embedded with additional functionalities beyond a basic transfer of value without requiring users to use smartphones?” the first challenge asks.
  • The competition will be supported by Amazon Web Services, Mastercard, payments platform Partior and enterprise blockchain stalwarts R3 and Hyperledger.
  • MAS said Monday the effort is also backed by the Asian Development Bank, United Nations Capital Development Fund and the Organisation for Economic Co-operation and Development (OECD).
  • It is estimated 80% of central banks are actively exploring use cases around CBDCs and many are being confronted with challenges around policy, privacy and technology.
  • Finalists will have the chance to pitch their ideas during a demo day to be held at this year’s Singapore FinTech Festival in November.
  • MAS says up to three winners will be chosen, each receiving S$50,000 (US$37,193) in prize money; up to 15 finalists will go on to receive mentorship and access to the APIX Digital Currency Sandbox.
  • Those looking to participate can apply here.
  • Source