Singapore is often referred to as the hub of digital currency innovations, and one of such innovations is the Global Central Bank Digital Currency (CBDC) challenge.
The 15 finalists of the CBDC challenge include one company each from Barbados, Germany, Switzerland, Australia, and France.
There are also four companies from the United States and six companies from Singapore. Central banks across countries are actively researching CBDCs to ward off competition from cryptocurrencies.
The top three finalists of the retail CBDC challenge will get $50,000 each.
The top three finalists of the retail CBDC challenge get $50,000 each and the chance to present the CBDC design at the Singapore FinTech Festival, scheduled to take place on November 8-12.
All of the 15 finalists receive a $200,000 grant fund application each. The Global CBDC challenge was launched by the Monetary Authority of Singapore (MAS). It’s geared towards discovering and developing retail central bank-backed digital currency solutions that will benefit the world. According to the central bank, the 15 finalists for the Global CBDC challenge were selected from over 300 submissions from 50 countries.
Fifteen companies made it to the Acceleration phase
These 15 financial institutions, FinTech, and technology companies have made it to the Acceleration phase. This phase would involve masterclasses that will be held weekly over the next eight weeks. They will cover topics crucial to the development of a robust retail CBDC, allowing finalists to tap into fresh perspectives and insights to enrich their final solutions.
Among the finalists are ANZ Banking Group Limited; Bitt; the Singapore branch of Citibank N.A.; cLabs, Inc.; Consensys; Extolabs LLC; Giesecke+Devrient advance52 GmbH; HSBC Bank (Singapore) Limited and HSBC Holdings plc; IBM; IDEMIA; Criteo; IOG Singapore Pte Ltd; Soramitsu; Standard Chartered Bank; and Xfers Pte. Ltd.