Singapore’s Central Bank, IMF Launch Global Challenge for CBDC Solutions

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 here.