Featured Product

    MAS Announces Finalists for Global CBDC Challenge

    August 30, 2021

    The Monetary Authority of Singapore (MAS) announced 15 finalists for the global competition to develop the retail central bank digital currency (CBDC) solutions. The finalists include ANZ Banking Group Limited, Citibank NA, Consensys, Singapore Branch, HSBC Bank (Singapore) Limited, IBM, IDEMIA, Soramitsu, and Standard Chartered Bank. The finalists, which comprise financial institutions and financial technology solution providers, will progress to the Acceleration phase of the Global CBDC Challenge, before they pitch their solutions to a panel of judges and an international audience at this year’s Singapore fintech festival. This global challenge attracted over 300 submissions from more than 50 countries, with >50% submissions coming from Asia.

    Participants were invited to address 12 problem statements on CBDC instrument, distribution, and infrastructure, covering topics such as inclusivity, interoperability, and programmability. The proposals from the finalists sought to address multiple problem statements through a variety of technology approaches, including hardware wallets, digital identity, and asset tokenization solutions. The finalists were selected by an independent panel of judges comprising policy and technical experts, academia, and senior representatives from some of the intergovernmental organization partners. The finalists will next go through an eight-week Acceleration Phase, supported by Tribe Accelerator, where they will develop and refine their solutions. Finalists will participate in masterclasses and networking sessions with industry experts and be given access to the API Exchange (APIX) Digital Currency Sandbox for rapid prototyping of their digital currency solutions. During the Global CBDC Challenge’s Demo Day as part of the Singapore fintech festival 2021, the finalists will present their innovations. The solutions of the finalists as well as key insights from the other submissions will be featured in a post-event report

     

    Keywords: Asia Pacific, Singapore, Banking, CBDC, Digital Currencies, Global CBDC Challenge, Fintech, Regtech, MAS

    Related Articles
    News

    APRA Issues Interim Update to Policy Priorities for 2021 and Beyond

    In a letter addressed to the industry, the Australian Prudential Regulation Authority (APRA) set out an updated schedule of policy priorities for the banking, insurance, and superannuation industries.

    September 24, 2021 WebPage Regulatory News
    News

    EC Adopts Solvency II and Resolution Rules Package for Insurers

    The European Commission (EC) adopted a comprehensive review package of Solvency II rules in the European Union.

    September 22, 2021 WebPage Regulatory News
    News

    OCC Issues Booklets on Regulatory Reporting and Earnings

    The Office of the Comptroller of the Currency (OCC) issued Versions 1.0 of the "Earnings" and "Regulatory Reporting" booklets of the Comptroller's Handbook.

    September 22, 2021 WebPage Regulatory News
    News

    ECB Sets Out Results of Economy-Wide Climate Stress Tests

    The European Central Bank (ECB) published results of its economy-wide climate stress test, which aimed to assess the resilience of non-financial corporates and euro area banks to climate risks.

    September 22, 2021 WebPage Regulatory News
    News

    EBA Examines Implications of Increasing Use of Digital Platforms in EU

    The European Banking Authority (EBA) published a report on the use of digital platforms in the banking and payments sector in European Union.

    September 21, 2021 WebPage Regulatory News
    News

    HKMA Issues Updates on Policy Measures Intended to Ease COVID Impact

    The Hong Kong Monetary Authority (HKMA) published updates on the policy measures that were announced in context of the ongoing pandemic.

    September 21, 2021 WebPage Regulatory News
    News

    ISDA Responds to BCBS Proposal on Treatment of Cryptoasset Exposures

    The International Swaps and Derivatives Association (ISDA), along with several other associations, submitted a joint response to the Basel Committee on Banking Supervision (BCBS) consultation on preliminary proposals for the prudential treatment of cryptoasset exposures.

    September 21, 2021 WebPage Regulatory News
    News

    BIS Quarterly Review Discusses Developments in Fintech and ESG Space

    BIS published the September issue of the Quarterly Review, which contains special features that analyze the rapid rise in equity funding for financial technology firms, the effectiveness of policy measures in response to pandemic, and the evolution of international banking.

    September 20, 2021 WebPage Regulatory News
    News

    BCBS to Consult on Supervisory Practices for Climate Risks by Year-End

    The Basel Committee for Banking Supervision (BCBS) met in September 2021 and reviewed climate-related financial risks, discussed impact of digitalization, and welcomed efforts by the International Financial Reporting Standards (IFRS) Foundation to develop a common set of sustainability reporting standards

    September 20, 2021 WebPage Regulatory News
    News

    OCC Identifies Operational Risk Deficiencies in MUFG Union Bank

    The Office of the Comptroller of the Currency (OCC) issued a Cease and Desist Order against MUFG Union Bank for deficiencies in technology and operational risk governance.

    September 20, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 7494