The Monetary Authority of Singapore, in association with the International Monetary Fund (IMF), the World Bank and the United Nations have unveiled The global CBDC Challenge for central bank digital currencies (CBDC).
The Global CBDC Challenge is meant to promote the creation of innovative solutions that address payment inefficiencies and enhance financial inclusion.
Below is a list of the full set of partners in the challenge:
Monetary Authority of Singapore (Central Bank of Singapore)
The World Bank
International Monetary Fund (IMF)
United Nations Development Programme (UNDP)
United Nations Capital Development Fund (UNCDF)
United Nations High Commission for Refugees (UNHCR)
United Nationsl Development Programme (UNDP)
The Organization for Economic Cooperation and Development (OECD)
Amazon Web Services (AWS)
Asian Development Bank (ADB)
The Global CBDC Challenge seeks to match innovative market-ready solutions with public policy questions across the following problem statement categories:
Instrument – To improve and expand the accessibility and utility of digital payments
Distribution – To mitigate risks associated with payment transfers and market infrastructure
Infrastructure – Provision of a viable CBDC infrastructure that is low-cost, efficient and robust and provides for trusted settlement of payment transactions among participants
The Global CBDC Challenge is open to FinTech companies, financial institutions and solution providers around the world. Up to 15 finalists will be selected to receive mentorship from industry experts and be given access to the APIX Digital Currency Sandbox for rapid prototyping of digital currency solutions.
According to the Global CBDC official website:
“The physical location of the participant does not matter. We welcome solutions from all jurisdictions and will work with the participants to facilitate an effective presentation of the solution during the judging phase.”
– The Global CBDC Challenge
The Sandbox will offer a comprehensive test and development platform that includes:
Core-banking APIs from APIX
Payment APIs from Mojaloop Foundation
Digital currency APIs from MasterCard, Partrior and R3
More than 100 APIs provided via the APIX marketplace
Participants may also engage the Hyperledger global open source developer community for support and collaboration technologies
The Amazon Web Services will support finalists by providing the AWS platform and AWS promotional credits
Finalists of the Challenge will have the chance to pitch their solutions to the global audience at the Demo Day to be held at this year’s Singapore FinTech Festival in November 2021
Up to 3 willing solutions will receive $37, 000 each in prizes.