The Monetary Authority of Singapore (MAS) has shortlisted 15 “Global CBDC Challenge” participants to help establish an internal retail central bank digital currency (CBDC).
one announcement According to data shared by MAS, the finalists include 6 companies from Singapore, 4 companies from the United States, and 1 company each from Australia, Barbados, Germany, France and Switzerland. Only 3 of the winners will be selected in Singapore. Deploy retail CBDC.
Soon after the announcement by the Bank of Singapore Cash rewards for digital currency ideas As early as June 28, it was reported that more than 300 financial technology companies from more than 50 countries participated in this challenge.
Global finalists include ANZ Banking Group Limited (Australia), Bitt (Barbados), Giesecke+Devrient Advance52 GmbH (Germany), Criteo (France) and Soramitsu (Switzerland).
From a local perspective, the shortlisted Singapore consortia include Citibank, HSBC Bank plc and HSBC Holdings plc, IDEMIA, IOG Singapore Pte Ltd., Standard Chartered Bank and Xfers Pte.Limited company
The companies headquartered in the United States are cLabs, Inc., Consensys, Extolabs LLC and IBM.
This initiative to establish a retail CBDC for Singapore will be supplemented by a cash award of SGD 50,000 (US$37,000).As in an older announcementThe 15 finalists will receive guidance from MAS and “obtain access to the APIX digital currency sandbox to quickly build prototypes of digital currency solutions.”
The sandbox environment will contain more than 100 core banking and payment-related APIs, and Mastercard’s digital currency API will also be included. The finalists will now have the opportunity to showcase their CBDC solutions at the Singapore Fintech Festival scheduled to be held from November 8 to 12, 2021.
The Singaporean authorities have been taking measures to support cryptocurrency throughout 2021. MAS recently gave “Approved in principle” Independent reserves on the Australian cryptocurrency exchange, allowing the company to “operate as a regulated provider of digital payment token (‘DPT’) services.”
According to reports, Singapore has a long list of 170 applicants for cryptocurrency exchanges, including Binance And Gemini, are waiting to seek approval to conduct business within their jurisdiction.