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
Previous ArticleMNB Extends Scope of Green Lending, Discusses Bank Carbon Risk Index
The Australian Prudential Regulation Authority (APRA) has published the findings of its latest climate risk self-assessment survey conducted across the banking, insurance, and superannuation industries.
The French Prudential Supervisory Authority (ACPR) published a notice related to the methods for calculating and publishing prudential ratios under the Capital Requirements Directive (CRD IV) and the minimum requirement for own funds and eligible liabilities (MREL).
The Financial Stability Institute (FSI) of the Bank for International Settlements recently published a paper proposing a framework for classifying financial stability regulation as either entity-based or activity-based.
The European Insurance and Occupational Pension Authority (EIOPA) published the risk dashboard based on Solvency II data and the final version of the application guidance on climate change materiality assessments and climate change scenarios in the Own Risk and Solvency Assessment (ORSA).
The European Banking Authority (EBA) and the European Central Bank (ECB) published their responses to the consultations of the International Sustainability Standards Board (ISSB) and the European Financial Reporting Advisory Group (EFRAG) on sustainability-related disclosure standards.
A Consultative Group on Risk Management (CGRM) at the Bank for International Settlements (BIS) published a report that examines incorporation of climate risks into the international reserve management framework.
The European Banking Authority (EBA) published the final guidelines on liquidity requirements exemption for investment firms, updated version of its 5.2 filing rules document for supervisory reporting, and Single Rulebook Question and Answer (Q&A) updates in July 2022.
The European Insurance and Occupational Pensions Authority (EIOPA) published Version 2.8.0 of the Solvency II data point model (DPM) and XBRL taxonomy.
The European Union published, in the Official Journal of the European Union, an opinion from the European Economic and Social Committee (EESC); the opinion is on the proposal for a regulation to amend the Capital Requirements Regulation (CRR).
HM Treasury published a draft statutory instrument titled “The Financial Services (Miscellaneous Amendments) (EU Exit) Regulations 2022,” along with the related explanatory memorandum and impact assessment.