Singapore central bank launches global challenge for retail CBDC solutions

5 July, 2021 12:00 AM printer

SINGAPORE: The Monetary Authority of Singapore (MAS) is the latest government institution to pursue an initiative targeting central bank digital currencies (CBDCs).

Singapore’s central bank recently launched what it described as a “global challenge” for a retail CBDC solution. The initiative, dubbed “Global CBDC Challenge,” focuses on enhancing the effectiveness of payment and stimulating financial inclusion through the discovery of innovative retail ideas driven by the CBDC solution, report agencies.

The MAS initiative has the backing of several financial institutions including the International Monetary Fund, World Bank, Asian Development Bank, United Nations capital Development fund, UN High Commission for Refugees, UN Development Programme, and the Organisation for Economic Cooperation and Development. Tech firms including Amazon Web Services, Mastercard, Partier, R3, and the Mojaloop Foundation are also endorsing the initiative.