Singapore selected 15 companies to participate in creating its CBDC

By: Ali Raza
Ali Raza
Ali plays a key role in the cryptocurrency news team. He loves travelling during his spare time and enjoys… read more.
on Aug 30, 2021
  • Singapore has taken its next move on the road of selecting companies to participate in its CBDC creation.
  • As of right now, there are 15 firms that have entered the final round of selections.
  • Only three firms will remain in the end, with the final step being the creation of prototypes.

The race to issue CBDCs is still ongoing, with central banks around the world participating. Of course, not every country has joined the race, but enough of them for it to truly feel like global competition, with China still in the lead.

With that said, Singapore’s MAS (Monetary Authority of Singapore) has recently made a move that should speed things up, shortlisting 15 Global CBDC Challenge participants. These are companies that are deemed the best selections to help create an in-house CBDC for the small country.

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The MAS announced the finalists, revealing that it has selected six companies from Singapore itself, while four are from the US, and one from Australia, Germany, Switzerland, France, and Barbados. However, these are still only the finalists, and only three out of all of them will be selected to actually deploy a retail CBDC in Singapore.

Who entered the finals?

Originally, Singapore announced the competition earlier this year, on June 28th, when it offered rewards for cryptocurrency ideas. More than 300 companies responded, coming from over 50 different countries.

Some of the firms that entered the finals include Bitt, from Barbados; Criteo from France, Soramitsu from Switzerland, ANZ Banking Group Ltd. from Australia; as well as Germany’s Giescke+Devrient advance52 GmbH. As for Singapore’s own firms, those include Citibank N.A., HSBC Holdings plc, HSBC Bank Limited, Standard Chartered Bank, IOG Singapore Pte Ltd., Xfers Pte. Ltd., and IDEMIA. From the US, the selected companies are IBM, Consensys, cLabs, Inc., and Extolabs LLC.

The monetary reward for helping create a Singaporean CBDC will be $37,000, or 50,000 Singapore dollars. The current 15 finalists will receive access to the APIX Digital Currency Sandbox, where they will be able to create prototypes of their solutions, all the while mentored by the Monetary Authority of Singapore.

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