Singapore has been working on possibly introducing a central bank digital currency (CBDC) in the country for some time now. As such, 15 finalists have reportedly been selected who can assist in building and potentially releasing the aforementioned Singapore CBDC. The shortlist of the 15 finalist companies had been released by the MAS (Monetary Authority of Singapore).
Mostly, the finalists consist of various financial and technology-driven companies from across the globe. The MAS remains optimistic regarding the new collaboration and the extent to which it can help the CBDC release prior to the country’s monetary authority presenting the solutions and ideas to different judges present at the nation’s FinTech Festival.
Singapore CBDC slowly becoming a reality
The worldwide ‘CBDC Challenge’ has managed to attract over 300 submissions from countries all over the world. More than 50% of the participants hail from Asia, so it makes sense that Singapore would also be interested in becoming involved with CBDCs. Furthermore, in the interest of developing CBDCs, many who had submitted solutions had additionally been asked to identify several issues pertaining to central bank digital currency infrastructure, distribution and instruments. Some of the additional topics had involved programmability and interoperability of CBDCs as well.
Singapore’s monetary authority stated that these proposals and suggestions from the abovementioned finalists would primarily be used to discover and fix numerous problem statements via a wide variety of different technology-based approaches, which includes tokenization solutions, digital identity, and hardware wallets.
What is next for the 15 finalists?
The list of the 15 finalists included the likes of Standard Chartered Bank, Soramitsu, Citibank N.A, IDEMIA, ANZ Banking Group Ltd., IBM, Criteo, and more. While some of the finalists had come from countries like the U.S, Germany, and Barbados, six had come from Singapore itself.
Since the finalists have been selected, the next steps will involve moving on to an eight-week ‘Acceleration Phase’, which is supported via Tribe Accelerator. The purpose of this stage is to hopefully improve and further refine the CBDC-oriented solutions with the help of expert mentorships. To that end, networking sessions along with masterclasses with several industry experts and veterans shall take place, in addition to granting access to the group regarding the API Exchange Digital Currency Sandbox. This tool shall thus enable ‘quick prototyping for various digital currency-related solutions’.
Once the eight weeks have been completed, every finalist will be required to show what solutions have been worked upon, and the top 3 choices shall be given $50,000 as a reward. Additionally, the chosen participants shall then be fast-tracked to work on future applications, which will also have grant funding of a maximum of $200,000. Finally, the chosen solutions shall be published soon afterwards in a report after the event is done.