MAS and the Reserve Bank of India announced plans to link Singapore’s PayNow and India’s Unified Payments Interface (UPI) real-time payment systems by July 2022.
MAS Announces 15 finalists for the Global CBDC Challenge; over 300 submissions from 50 countries received
Singapore, 30 August 2021 … The Monetary Authority of Singapore (MAS) announced today the 15 finalists for the global competition to develop retail Central Bank Digital Currency (CBDC) solutions (Global CBDC Challenge). The finalists, comprising financial institutions, FinTechs and technology solution providers, will progress to the Acceleration Phase of the Global CBDC Challenge, before they pitch their solutions to a panel of judges and an international audience at this year’s Singapore FinTech Festival
2 The Global CBDC Challenge attracted over 300 submissions from more than 50 countries, with more than half of the submissions coming from Asia. Participants were invited to address 12 problem statements relating to: (i) CBDC Instrument; (ii) CBDC Distribution; and (iii) CBDC Infrastructure; covering topics such as inclusivity, interoperability and programmability. The proposals from the finalists sought to address multiple problem statements through a variety of technology approaches including hardware wallets, digital identity and asset tokenisation solutions.
3 The finalists were selected by an independent panel of judges comprising policy and technical experts, academia and senior representatives from some of the intergovernmental organisation partners. Please refer to Annexes A, B and C respectively for details on the competition, finalists and judging panel.
|List of Finalists|
|ANZ Banking Group Limited|
|Citibank N.A., Singapore Branch|
|Giesecke+Devrient advance52 GmbH|
|HSBC Bank (Singapore) Limited and HSBC Holdings plc|
|IOG Singapore Pte Ltd|
|Standard Chartered Bank|
|Xfers Pte. Ltd.|
4 The finalists will next go through an eight-week Acceleration Phase, supported by Tribe Accelerator, where they will develop and refine their solutions. Finalists will participate in masterclasses
5 During the Global CBDC Challenge’s Demo Day as part of the Singapore FinTech Festival 2021, the finalists will present their innovations and the top three will win S$50,000 in prize money each. All 15 finalists will be fast-tracked in their applications for grant funding of up to S$200,000, under the MAS Financial Sector Technology and Innovation (FSTI) Proof-of-Concept Scheme
6 Mr Sopnendu Mohanty, Chief FinTech Officer, MAS, said, “The Global CBDC Challenge aims to discover and develop retail CBDC solutions that will benefit the global community. We are encouraged by the strong interest from established financial institutions and emerging FinTechs alike. The quality of proposals received from the global innovation community was impressive. There was a healthy diversity of solution approaches across the different problem statement categories. We look forward to showcasing the shortlisted solutions at the Singapore FinTech Festival.”