Today the Monetary Authority of Singapore, along with the International Monetary Fund (IMF), the World Bank and several other organizations, unveiled a Global CBDC Challenge for retail central bank digital currencies (CBDC) to promote the creation of innovative solutions that address payment inefficiencies and enhance financial inclusion. Up to three winning solutions will receive S$50,000 ($37,000) in prizes with a submission deadline of July 23.
The public policy objectives of the Challenge are to encourage cost effective solutions that are accessible to all users, including low-income participants and those that aren’t tech savvy. Additionally, a retail CBDC solution design needs to enhance financial system resilience and integrity, and be consistent with monetary stability.
“Through the Global CBDC Challenge, MAS hopes to encourage innovator communities worldwide to develop and showcase solutions that can maximise the potential of CBDC to deliver efficiencies to payment services, improve financial inclusion, consistent with central banks’ core mandate of monetary stability,” said Sopnendu Mohanty, MAS Chief FinTech Officer.
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