They include Citibank, HSBC, ANZ, and Standard Chartered Bank, and will be mentored by the MAS and be given access to the APIX Digital Currency Sandbox to prototype central bank digital currency (CBDC) solutions.
The Monetary Authority of Singapore has shortlisted 15 names from over 300 submissions from more than 50 countries in its «Global CBDC Challenge,» which seeks to develop solutions addressing issues centered around three areas: CBDC instrument; CBDC distribution; and CBDC infrastructure.
The finalists, comprising financial institutions, fintech and technology solution providers, submitted proposals to address multiple problem statements through a variety of technology approaches including hardware wallets, digital identity and asset tokenisation solutions.
Grant Funding
The 15 firms will be fast-tracked in their applications for grant funding of up to S$200,000, under the MAS Financial Sector Technology and Innovation (FSTI) Proof-of-Concept Scheme.
They will also pitch their solutions to a panel of judges and an international audience at this year’s Singapore FinTech Festival, with the top three receiving S$50,000 in prize money, MAS said.
