Featured Product

    MAS Launches Global Challenge for Retail CBDC Solutions

    June 28, 2021

    MAS announced the launch of a global challenge for retail Central Bank Digital Currency (CBDC) solutions. Launched in partnership with the International Monetary Fund, World Bank, Asian Development Bank, United Nations Capital Development Fund, United Nations High Commission for Refugees, United Nations Development Program, and Organization for Economic Co-operation and Development, the Global CBDC Challenge seeks innovative retail CBDC solutions to enhance payment efficiencies and promote financial inclusion. Interested parties are encouraged to submit their applications for the Global CBDC Challenge by July 23, 2021. Finalists will pitch their solutions to a global audience on a Demo Day to be held at the Singapore Fintech Festival in 2021.

    As part of the challenge, fintech companies, financial institutions, and solution providers worldwide are invited to submit innovative solutions that can address 12 problem statements centered on three key areas including:

    • Improving and expanding the accessibility and utility of digital payments
    • Mitigating risks associated with payment transfers and market infrastructure
    • Providing a viable CBDC infrastructure that is low-cost, efficient, and robust and provides for trusted settlement of payment transactions among participants

    The problem statements include new functionality versus inclusivity, security versus accessibility, availability versus risk of disputes, recoverability versus anonymity, widespread frictionless use versus control, personal data protection versus system integrity, expansion of access to financial services versus guarding against data monopolies, coexistence versus integration complexities, decentralization versus accountability, extensibility versus operational resilience, privacy versus performance, and interoperability versus standardization. These problem statements have been curated from suggestions received from partner organizations worldwide. 

    A retail CBDC built for next-generation financial rails has the potential to increase payments efficiencies, improve financial inclusion, and support the broader digitalization drive in the economy. However, the design and technology underpinning retail CBDC solutions need to meet a number of public policy objectives:

    • The proposed solution should be cost effective to implement, while addressing both current and anticipated future payment needs of the consumer.
    • It must be accessible to a full spectrum of users, including lower-income households and those who are less tech-savvy.
    • The design of the retail CBDC solution should contribute to financial system resilience and integrity and be consistent with monetary and financial stability

    The Global CBDC Challenge will be supported by Amazon Web Services, Mastercard, Partior, R3, and open source software foundations Hyperledger and the Mojaloop Foundation; the challenge will be managed by the API Exchange (APIX) and Tribe Accelerator. 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. The Sandbox will offer a comprehensive test and development platform, which includes core-banking application programming interfaces (APIs) from APIX, payment APIs from Mojaloop Foundation, digital currency APIs from Mastercard, Partior, and R3, and more than 100 APIs provided via the APIX marketplace.


    Keywords: Asia Pacific, Singapore, Banking, CBDC, Fintech, Global CBDC Challenge, IMF, World Bank, Asian Development Bank, United Nations Capital Development Fund, United Nation High Commission for Refugees, UNDP, OECD, Singapore Fintech Festival, APIX, API, MAS

    Related Articles

    US Agencies Issue Regulatory Updates, FDIC Launches Tech Sprint

    The Board of Governors of the Federal Reserve System (FED) published the final rule that amends Regulation I to reduce the quarterly reporting burden for member banks by automating the application process for adjusting their subscriptions to the Federal Reserve Bank capital stock, except in the context of mergers.

    January 13, 2022 WebPage Regulatory News

    EBA Issues Guide on Bank Resolvability, Consults on Transferability

    The European Banking Authority (EBA) published its assessment of risks through the quarterly Risk Dashboard and the results of the Autumn edition of the Risk Assessment Questionnaire (RAQ).

    January 13, 2022 WebPage Regulatory News

    HKMA Extends Repayment for Trade Facilities, Consults on Crypto-Assets

    The Hong Kong Monetary Authority (HKMA) published a circular, along with the reporting form and instructions, for self-assessment, by authorized institutions, of compliance with the Code of Banking Practice 2021.

    January 12, 2022 WebPage Regulatory News

    FCA Registers Securitization Repositories; PRA Issues 2022 Priorities

    The Financial Conduct Authority (FCA) decided to register European DataWarehouse Ltd and SecRep Limited as securitization repositories under the UK Securitization Regulation, with effect from January 17, 2022.

    January 12, 2022 WebPage Regulatory News

    EC Regulation Sets Out Methods for Measuring K-Factors Under IFR

    The European Commission (EC) published the Delegated Regulation 2022/25, which supplements the Investment Firms Regulation (IFR or Regulation 2019/2033) with respect to the regulatory technical standards specifying the methods for measuring the K-factors referred to in Article 15 of the IFR.

    January 11, 2022 WebPage Regulatory News

    BIS Studies How Platform Models Impact Financial Stability & Inclusion

    The Bank of International Settlements (BIS) published a paper that assesses the ways in which platform-based business models can affect financial inclusion, competition, financial stability and consumer protection.

    January 10, 2022 WebPage Regulatory News

    ESAs Publish List of Financial Conglomerates for 2021

    The European Supervisory Authorities (ESAs) published the list of identified financial conglomerates for 2021.

    January 07, 2022 WebPage Regulatory News

    APRA Licenses Two More Banks, Reduces Committed Liquidity Facility

    The Australian Prudential Regulation Authority (APRA) updated the list of authorized deposit-taking institutions, granting license to Barclays Bank PLC and Crédit Agricole Corporate and Investment Bank to operate as foreign authorized deposit-taking institutions under the Banking Act 1959.

    January 07, 2022 WebPage Regulatory News

    EU Issues SII Corrigendum; EIOPA Assesses SII Reporting Exemptions

    EU published, in the Official Journal of the European Union, a corrigendum to the Delegated Regulation 2015/35, which supplements Solvency II Directive (2009/138/EC).

    January 06, 2022 WebPage Regulatory News

    EBA Opines on Impact of De-Risking and Associated AML/CFT Challenges

    The European Banking Authority (EBA) published an Opinion on the scale and impact of de-risking in European Union and the steps that competent authorities should take to tackle unwarranted de-risking.

    January 05, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 7860