(29 June 2021 – Singapore) The Monetary Authority of Singapore (MAS), International Monetary Fund (IMF), World Bank, Asian Development Bank (ADB), United Nations (UN) Capital Development Fund, UN High Commission for Refugees, UN Development Programme and the Organisation for Economic Cooperation and Development (OECD) have partnered to launch a global challenge to attract proposals for central bank digital currency (CBDC) solutions.
The Global CBDC Challenge seeks market-ready solutions that can address 12 problem statements centred on three key areas: (1) improving and expanding accessibility and utility of digital payments, (2) mitigating risks associated with payment transfers and market infrastructure, as well as (3) providing a viable infrastructure that is low-cost, efficient and robust, and facilitates trusted settlement of payment transactions among participants.
The proposed solution should be cost-effective and accessible to a full spectrum of users, including low-income households that are less tech-savvy.
“Through the Global CBDC Challenge, MAS hopes to encourage innovator communities worldwide to develop and showcase solutions that can maximise the potential of CBDC to deliver efficiencies to payment services, improve financial inclusion, consistent with central banks' core mandate of monetary stability,” said MAS chief fintech officer Sopnendu Mohanty.