The 15 completed projects are now being managed directly by the Central Bank of Singapore and prototypes of their solutions in the APIX Digital Currency Sandbox
The Monetary Authority of Singapore (MAS) has announced the 15 finalists who have been shortlisted from over 300 submissions in 50 countries for the Global CBDC Challenge. The competition, announced back in June, aims to develop an internal digital central bank currency (CBDC) for retail customers by creating solutions to address concerns about the instrument, infrastructure and distribution of a CBDC.
The projects on the shortlist include well-known finance, technology and fintech solution companies such as Citibank, HSBC, ANZ and Standard Chartered Bank. Six of the 15 companies are based in Singapore, four projects come from the USA, one company each from Australia, Barbados, Germany, France and Switzerland.
These are ANZ Banking Group Limited (Australia), Bitt (Barbados), Giesecke + Devrient advance52 (Germany), Criteo (France) and Soramitsu (Switzerland).
The 15 companies used a range of technology approaches such as asset tokenization, digital identity and hardware wallets to propose solutions that address the issues to reach the final of the challenge. Only three projects will be selected as competition winners and will participate in the launch of a retail CBDC in Singapore.
The finalists will now receive direct mentoring from the Central Bank of Singapore and prototypes of their own CBDC solutions in the APIX Digital Currency Sandbox, an API marketplace with an open architecture for collaboration between fintech institutions.
The sandbox environment will allow companies to test their solutions in a simulation with more than 100 core banking APIs, and they will also experience the value of their solution amid Mastercard’s digital currency APIs
The shortlisted projects can present their solutions to a jury and an international audience at the Singapore FinTech Festival, which is scheduled to take place in November 2021.
Your applications for grants of up to SGD 200,000 (US $ 149,000) will be expedited by the MAS under the Central Bank’s Technology and Innovation in Financial Sector Concept (FSTI).
Winners can also receive a sizable cash prize of over SGD 50,000 ($ 37,000) from the Monetary Authority.
Central bank digital currencies are the digital versions of fiat money that enable countries to promote cashless transactions, improve traceability, and incorporate those without banking information into the economy. Retail CBDC projects, as supported by MAS, are intended to serve as a medium for processing at the point of sale – both online and offline.