Singapore’s leading financial regulator disclosed that it will launch a challenge on an international scale for Central Bank Digital Currency (CBDC) solutions, stimulating financial technology companies worldwide to compete for global recognition for solving some major issues surrounding CBDCs integration.
The Monetary Authority of Singapore (MAS) -led challenge was formed in conjunction with the World Bank, the International Monetary Fund, and the Asian Development Bank, as well as other major organizations.
The Global CBDC Challenge is supported by MasterCard, Amazon Web Services, API Exchange and Mojaloop Foundation, Tribe Accelerator, Partior, Hyperledger, and R3. The primary goal of the Challenge is to reinforce payment solution innovations.
The Singapore regulator had encouraged various global financial tech companies to submit their own creative solutions. In the end, 15 finalists will be chosen, all of which will receive mentorship from industry-leading experts. The finalists will also be granted access to the APIX Digital Currency Sandbox, and the ability to pitch their payment solution ideas to an international audience.
In a report, MAS detailed the “contents” of the Sandbox:
“The Sandbox will offer a comprehensive test and development platform that includes core-banking APIs from APIX, payment APIs from Mojaloop Foundation, digital currency APIs from Mastercard, Partior and R3 and more than 100 APIs provided via the APIX marketplace…”
Moreover, the overseer mentioned 12 essential problematic statements in three big areas: CBDC instrument. CBDC distribution, and CBDC infrastructure. The selected finalist will have to come up with innovative and viable solutions to these obstacles.
Meanwhile, the race for a CBDC is far from over. Many leading nations around the world have directed huge efforts at being the first to integrate a CBDC network.