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Singapore’s Central Bank, IMF Launch Global Challenge for CBDC Solutions
The Monetary Authority of Singapore’s “Global CBDC Challenge” will be supported by Amazon Web Services, Mastercard, Hyperledger and others.
The Monetary Authority of Singapore (MAS) has teamed up with the International Monetary Fund (IMF), World Bank and others to launch a competition where entrants must tackle 12 unresolved challenges posed by central bank digital currencies (CBDCs).
- “Can a retail CBDC system be embedded with additional functionalities beyond a basic transfer of value without requiring users to use smartphones?” the first challenge asks.
- The competition will be supported by Amazon Web Services, Mastercard, payments platform Partior, blockchain software developer R3 and blockchain project Hyperledger.
- MAS said Monday the effort is also backed by the Asian Development Bank, United Nations Capital Development Fund and the Organization for Economic Co-operation and Development (OECD).
- It is estimated 80% of central banks are actively exploring use cases around CBDCs and many are being confronted with challenges around policy, privacy and technology.
- Finalists will have the chance to pitch their ideas during a demo day to be held at this year’s Singapore FinTech Festival in November.
- MAS says up to three winners will be chosen, with each receiving S$50,000 (US$37,193) in prize money; up to 15 finalists will go on to receive mentorship and access to the APIX Digital Currency Sandbox.
- Those looking to participate can apply herehttps://hackolosseum.apixplatform.com/hackathon/globalcbdcchallenge.
Read more: China’s Xiong’an New Area Begins Using Digital Yuan for Salary Payments
STORY CONTINUES BELOW
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
