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.