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The MAS will mentor the 15 finalists and provide them with “access to the APIX Digital Currency Sandbox for rapid development of digital currency solutions.”
The Monetary Authority of Singapore (MAS) has chosen 15 contestants in the “Global CBDC Challenge” to assist in the development of an in-house retail central bank digital currency (CBDC).
An announcement shared by the MAS shows that the finalists include six companies from Singapore, four from the United States, and one each from Australia, Barbados, Germany, France and Switzerland, of which only three winners will be selected to deploy a retail CBDC in Singapore.
On June 28, the Singaporean central bank announced cash awards for digital currency concepts, and the initiative allegedly drew over 300 fintech companies from more than 50 nations.
ANZ Banking Group Limited (Australia), Bitt (Barbados), Giesecke+Devrient advance52 GmbH (Germany), Criteo (France), and Soramitsu (Japan) are among the global finalists (Switzerland).
Citibank N.A., HSBC Bank Limited and HSBC Holdings plc, IDEMIA, IOG Singapore Pte Ltd, Standard Chartered Bank, and Xfers Pte Ltd are among the Singaporean consortiums that have been shortlisted.
cLabs Inc., Consensys, Extolabs LLC, and IBM are the companies situated in the United States.
This initiative to build a retail CBDC for Singapore will be complemented with a cash prize of 50,000 Singapore dollars ($37,000). As discussed in an older announcement, the 15 finalists will be mentored by the MAS and “be given access to the APIX Digital Currency Sandbox for rapid prototyping of digital currency solutions.”
The sandbox environment will include more than 100 APIs related to core banking and payments and will also have digital currency APIs from Mastercard. The finalists will now have the opportunity to pitch their CBDC solutions at Singapore FinTech Festival, which is planned for Nov. 8 to Nov. 12, 2021.
The sandbox environment will include over 100 APIs relating to core banking and payments, as well as Mastercard digital currency APIs. The finalists will now get the opportunity to showcase their CBDC solutions at the Singapore FinTech Festival, which is scheduled to take place from November 8 to November 12, 2021.
Throughout 2021, Singapore’s government has made pro-crypto actions. The MAS recently granted Independent Reserve, an Australian crypto exchange, “in-principle approval” to “operate as a regulated provider for Digital Payment Token (‘DPT’) Services.”