The Monetary Authority of Singapore (MAS) has unveiled a Global CBDC Challenge calling on companies around the world to provide solutions for retail CBDCs innovations to improve payment services and promote financial inclusion.

MAS Launches Global Challenge for Retail CBDC Solutions

The Monetary Authority of Singapore (MAS) announced on June 28 seeking market-ready solutions that address 12 problem statements related to CBDC instruments, distribution, and infrastructure to promote the creation of innovative solutions that address payment inefficiencies and enhance financial inclusion.

The initiative has been launched in partnership with the International Monetary Fund, the World Bank, the Asian Development Bank, the United Nations Capital Development Fund, the United Nations High Commission for Refugees, the United Nations Development Programme, and the Organisation for Economic Co-operation and Development.

In the announcement release, Sopnendu Mohanty, MAS Chief FinTech Officer, said:

“Through the Global CBDC Challenge, MAS hopes to encourage innovator communities worldwide to develop and showcase solutions that can maximize the potential of CBDC to deliver efficiencies to payment services, improve financial inclusion, consistent with central banks’ core mandate of monetary stability.”

The MAS says that it seeks market-ready solutions that can address 12 problem statements centered on three key areas such as improving and expanding accessibility and utility of digital payments, mitigating risks associated with payment transfers, providing a viable infrastructure that is low-cost, efficient, and robust that facilitates trusted settlement of payment transactions among participants.

Cash Prizes and Mentorship Access

The competition will be supported by Amazon Web Services, Mastercard, payments platform Partior, blockchain software developer R3 and blockchain project Hyperledger and open to FinTech companies, financial institutions, and solution providers around the world.

Finalists of the challenge will have the chance to pitch their solutions to the global audience at the Demo Day that will be held at this year’s Singapore FinTech Festival in November 2021.

The deadline for submissions is July 23. Up to three winners will each receive S$50,000 (US$37,000) in cash prize money with up to 15 finalists will go on to receive mentorship and access to the APIX Digital Currency Sandbox.