The Monetary Authority of Singapore (MAS) has selected 15 firms out of 300 applications from over 50 countries to develop retail central bank digital currency (CBDC). According to MAS, finalists will prototype their solutions with industry experts. The top three will win $37,000 in prize money each.
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"The solutions of the finalists as well as key insights from the other submissions will be featured in a post-event report," the agency said.
Sopnendu Mohanty, Chief FinTech Officer at MAS, said the quality of finalists' solutions "was impressive." The list of finalists includes Citibank, ConsenSys, IBM and Standard Chartered Bank. MAS announced the initiative of a global challenge for CBDC solutions in June this year. The solutions should have been centered on three key areas: CBDC Instrument, CBDC Distribution, and CBDC Infrastructure.
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