Singapore's Central Bank Joins Global Challenge for Retail CBDC Solutions
Main page News, CBDC, Singapore

Singapore's central bank, the Monetary Authority of Singapore (MAS), has announced the launch of a global challenge for retail central bank digital currency (CBDC) solutions. According to an announcement, each of three winners will get $37,000 in prize money.

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The solutions should be centered on three key areas: CBDC Instrument, CBDC Distribution, and CBDC Infrastructure. Fintech companies, financial institutions and solution providers are also invited to submit their solutions, the MAS said. The watchdog adds that the solution should be cost effective, and address both current and anticipated future payment needs.

"The design of the retail CBDC solution should contribute to financial system resilience and integrity, and be consistent with monetary and financial stability."

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The challenge, launched in a partnership with the International Monetary Fund, World Bank, Asian Development Bank, and many others, will be accepting applications by July 23, 2021. Meanwhile, the Bank for International Settlements (BIS) sees an urgent need for CBDCs to modernize finance.

The regulator also believes that CBDCs will protect countries from digital currencies' monopoly of big tech companies. Benoît Cœuré, the Head of the BIS Innovation Hub, believes that the digitization train has left the station as 56 central banks are already exploring the creation of digital currencies.

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