The Monetary Authority of Singapore (MAS) has finally selected 15 companies to assist in the development of retail CBDC. These companies will take part in the Global CBDC challenge and contribute to the development of an in-house retail central bank digital currency.
According to the MAS announcement, the participants include four companies from the United States and six from Singapore. There is also one firm from Barbados, one from France, one from Switzerland, one from Australia, and one from Germany. Only three winners will emerge from the competition and work to build Singapore’s retail CBDC.
The Singaporean central bank announced the cash prizes for the digital currency ideas on June 28. This resulted in a challenge in which over 300 fintech firms from over 50 countries took part.
Criteo (France), Bitt (Barbados), and Soramitsu are among the global finalists (Switzerland). ANZ Banking Group Limited (Australia) and Giesecke+Devrient advance52 GmbH are also present (Germany).
Consensys, cLabs Inc., IBM, and Extolabs LLC are among the firms shortlisted from the United States.
IOG Singapore Pte Ltd, Citibank N.A., Standard Chartered Bank, and IDEMIA are the local Singaporean consortiums that have been shortlisted. HSBC Bank Limited, HSBC Holdings Plc, and Xfers Pte Ltd are among the others.
Finalists Will Be Rewarded For Creating CBDC Retail Locations
A cash prize of 50,000 Singapore dollars (approximately $37,000) supplements Singapore’s initiative to build a retail CBDC. An earlier announcement revealed that the 15 finalists would be mentored by the MAS.
In addition, the finalists will have access to the APIX Digital Currency Sandbox, which will facilitate the rapid prototyping of digital currency solutions.
Over 100 APIs related to payments and core banking should be available in the Sandbox ecosystem.
It will also include Mastercard’s digital fund APIs. The finalists will now have the opportunity to promote their CBDC solutions at the Singapore Fintech Festival, which will take place from November 8th to November 12th, 2021.
Throughout the year 2021, the country’s authorities have made pro-crypto moves. The MAS, for example, recently granted ‘in-principle approval’ to Independent Reserve, an Australian cryptocurrency exchange. The company is Singapore’s first cryptocurrency exchange to receive such approval.
With the approval, the company will be able to operate as a regulated Digital Payment Token (DPT) Service provider. Independent Reserve is expected to provide maximum consumer protection to its users as a result of the approval. It will also ensure that Anti-Money Laundering regulations are followed.
There is also a report that Singapore is home to 170 cryptocurrency exchanges, including Germini and Binance. These companies are looking for permission to begin operations in the country.