The Singapore Monetary Authority (MAS) has ultimately chosen 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.
Singapore Central Bank Select 15 retail CBDC Companies
According to the MAS release, four companies from the United States and six from Singapore are among the participants. In addition, Barbados, France, Switzerland, Australia, and Germany each have one firm. Only three winners will emerge from the competition and work to develop Singapore’s retail CBDC.
Singapore central bank announced the cash rewards for innovative digital money proposals on June 28. As a result, more than 300 fintech firms from more than 50 countries have signed up for the challenge.
Some of the global finalists are Criteo (France), Bitt (Barbados), and Soramitsu (Switzerland). Also, there are ANZ Banking Group Limited (Australia) and Giesecke+Devrient advance52 GmbH (Germany).
Consensys, cLabs Inc., IBM, and Extolabs LLC are among the nominated US companies.
IOG Singapore Pte Ltd, Citibank N.A., Standard Chartered Bank and IDEMIA are the local Singaporean consortiums that have been shortlisted. HSBC Bank Limited and HSBC Holdings Plc, as well as Xfers Pte Ltd, are among the others.
Finalists will be rewarded for their efforts in developing CBDC retail
The Singaporean project of constructing its retail CBDC is complemented with a monetary incentive of 50,000 Singapore dollars (about $37,000). Singapore Central bank selects 15 retail CBDC companies. The 15 finalists will be mentored by the MAS, according to an earlier release.
Finalists will also have access to the APIX Cryptocurrency Sandbox, which will allow them to quickly prototype digital currency solutions.
Over 100 APIs related to payments and basic banking should be included in the Sandbox ecosystem.
It will also include Mastercard’s digital fund APIs. The finalists will now have the chance 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 initiatives. Singapore Central Bank selects 15 retails CBDC companies. For example, the MAS recently granted Independent Reserve, an Australian crypto exchange, “in-principle authorization.” The startup is the first cryptocurrency exchange in Singapore to gain such approval.
The company will be able to operate as a regulated Digital Payment Token (DPT) Service provider as a result of the approval. Independent Reserve is anticipated to provide optimum consumer protection to its users as a result of the approval. Singapore Central Bank selects 15 retail CBDC companies. It will also ensure that anti-money laundering regulations are followed.
According to reports, Singapore is home to 170 cryptocurrency exchanges, including Germini and Binance. These enterprises are looking for permission to begin operations in the country.