--- title: Singapore Names 15 Finalists for CBDC Challenge description: The Central Bank Digital Currency challenge had over 300 submissions from more than 50 countries. image: https://articles.marketsmedia.com/hubfs/Imported_Blog_Media/iStock-491056644-May-12-2022-09-32-29-40-AM.jpg --- ![websites-group](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/new-MMG-01.svg) [![](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/dropdown-new-marketsmedia-logo.svg)](https://www.marketsmedia.com/) [![](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/dropdown-menu-traders-redlogo.svg)](https://www.tradersmagazine.com/) [![](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/dropdown-menu-bestexe-logo.svg)](https://www.bestexecution.net/) [![](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/dropdown-menu-fidesk-logo.svg)](https://www.fixglobal.com/) [![](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/dropdown-fixglobal-new-logo.svg)](https://www.fixglobal.com/) - [*Facebook*](https://www.facebook.com/MarketsMedia/) - [*Twitter*](https://twitter.com/marketsmedia) - [*Linkedin*](https://www.linkedin.com/company/markets-media-llc) - [Newsletter](https://articles.marketsmedia.com/singapore-names-15-finalists-for-cbdc-challenge#popup-newsletter) #### Want the latest news on securities markets -- FREE? Sign up to receive exclusive articles on topics including: - Equity market structure - Profiles of buy-side investment firms - The evolution of multi-asset-class trading - Regulation and its implications for markets - The search for liquidity in fixed income markets - The convergence of fintech and capital markets Select one or more newsletters you would like to receive: menu [![Markerts media](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/header%20logo.svg "Markerts media")](https://articles.marketsmedia.com/) - [Fintech](https://articles.marketsmedia.com/tag/fintech) - Fintech - Singapore Names 15 Finalists for CBDC Challenge Search - [Home](https://articles.marketsmedia.com/) - [Trending](https://articles.marketsmedia.com/tag/trending) - [Featured](https://articles.marketsmedia.com/tag/daily-email-feature) - [Sectors](https://articles.marketsmedia.com/tag/sectors) - [From The Markets](https://articles.marketsmedia.com/tag/from-the-markets) - [AWARDS](https://articles.marketsmedia.com/tag/events) - [Newsletter](https://awards.marketsmedia.com/newsletter-sign-up) - [Newsletter](https://articles.marketsmedia.com/singapore-names-15-finalists-for-cbdc-challenge#popup-newsletter) Hide search Search - NewsLetter ![](https://articles.marketsmedia.com/hubfs/Imported_Blog_Media/trading-up-occ-iex-select-board-members-citadel-lands-lieblich-573x379-Jul-07-2022-09-34-11-57-AM.jpg) [ON THE MOVE: Citi Hires Artie Ambrose;...](https://articles.marketsmedia.com/on-the-move-citi-hires-artie-ambrose-natalie-a-brown-to-mesirow) ![](https://articles.marketsmedia.com/hubfs/Imported_Blog_Media/Depositphotos_445735906_L.jpg) [Trading Adapts to ESG and Sustainable...](https://articles.marketsmedia.com/trading-adapts-to-esg-and-sustainable-investing) ![](https://articles.marketsmedia.com/hubfs/Imported_Blog_Media/iStock-917493152-Jul-07-2022-09-34-19-09-AM.jpg) [Focus on FX Execution Connectivity](https://articles.marketsmedia.com/focus-on-fx-execution-connectivity) ![](https://articles.marketsmedia.com/hubfs/Imported_Blog_Media/Depositphotos_333839538_L.jpg) [TRACE Turns 20](https://articles.marketsmedia.com/trace-turns-20) 08.31.2021 By Shanny Basar Fintech # Singapore Names 15 Finalists for CBDC Challenge 08.31.2021 By Shanny Basar ![Singapore Names 15 Finalists for CBDC Challenge](https://articles.marketsmedia.com/hubfs/Imported_Blog_Media/iStock-491056644-May-12-2022-09-32-29-40-AM.jpg) [Share](https://www.facebook.com/share.php?u=https://articles.marketsmedia.com/singapore-names-15-finalists-for-cbdc-challenge) [Tweet](https://twitter.com/intent/tweet?text=US+ETFs+Have+Record+Net+Inflows&url=https://articles.marketsmedia.com/singapore-names-15-finalists-for-cbdc-challenge) [Share](https://www.linkedin.com/cws/share?url=https://articles.marketsmedia.com/singapore-names-15-finalists-for-cbdc-challenge) The Monetary Authority of Singapore (MAS) announced the 15 finalists for the global competition to develop retail Central Bank Digital Currency (CBDC) solutions (Global CBDC Challenge). The finalists, comprising financial institutions, FinTechs and 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 [\[1\]](https://www.mas.gov.sg/news/media-releases/2021/mas-announces-15-finalists-for-the-global-cbdc-challenge#1) . https://twitter.com/MAS\_sg/status/1432179290746064897 2   The Global CBDC Challenge attracted over 300 submissions from more than 50 countries, with more than half of the submissions coming from Asia. Participants were invited to address 12 problem statements relating to: (i) CBDC Instrument; (ii) CBDC Distribution; and (iii) CBDC 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 tokenisation solutions. 3   The finalists were selected by an independent panel of judges comprising policy and technical experts, academia and senior representatives from some of the intergovernmental organisation partners. Please refer to Annexes A, B and C respectively for details on the competition, finalists and judging panel. | ** List of Finalists ** | | --- | |  ANZ Banking Group Limited | |  Bitt | |  Citibank N.A., Singapore Branch | |  cLabs, Inc. | |  Consensys | |  Extolabs LLC | |  Giesecke+Devrient advance52 GmbH | |  HSBC Bank (Singapore) Limited and HSBC Holdings plc | |  IBM | |  IDEMIA | |  Criteo | |  IOG Singapore Pte Ltd | |  Soramitsu | |  Standard Chartered Bank | |  Xfers Pte. Ltd. | 4   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 [\[2\]](https://www.mas.gov.sg/news/media-releases/2021/mas-announces-15-finalists-for-the-global-cbdc-challenge#2) and networking sessions with industry experts and be given access to the API Exchange (APIX) [\[3\]](https://www.mas.gov.sg/news/media-releases/2021/mas-announces-15-finalists-for-the-global-cbdc-challenge#3) Digital Currency Sandbox for rapid prototyping of their digital currency solutions. 5   During the Global CBDC Challenge’s Demo Day as part of the Singapore FinTech Festival 2021, the finalists will present their innovations and the top three will win S$50,000 in prize money each. All 15 finalists will be fast-tracked in their applications for grant funding of up to S$200,000, under the MAS Financial Sector Technology and Innovation (FSTI) Proof-of-Concept Scheme [\[4\]](https://www.mas.gov.sg/news/media-releases/2021/mas-announces-15-finalists-for-the-global-cbdc-challenge#4) . The solutions of the finalists as well as key insights from the other submissions will be featured in a post-event report. 6   Mr Sopnendu Mohanty, Chief FinTech Officer, MAS, said, “The Global CBDC Challenge aims to discover and develop retail CBDC solutions that will benefit the global community. We are encouraged by the strong interest from established financial institutions and emerging FinTechs alike. The quality of proposals received from the global innovation community was impressive. There was a healthy diversity of solution approaches across the different problem statement categories. We look forward to showcasing the shortlisted solutions at the Singapore FinTech Festival.” Source: MAS [Share](https://www.facebook.com/share.php?u=https://articles.marketsmedia.com/singapore-names-15-finalists-for-cbdc-challenge) [Tweet](https://twitter.com/intent/tweet?text=US+ETFs+Have+Record+Net+Inflows&url=https://articles.marketsmedia.com/singapore-names-15-finalists-for-cbdc-challenge) [Share](https://www.linkedin.com/cws/share?url=https://articles.marketsmedia.com/singapore-names-15-finalists-for-cbdc-challenge) ![email](https://articles.marketsmedia.com/hubfs/Markets%20Media/email.svg) ### NEWSLETTER SIGN UP And receive exclusive articles on securities markets ### Related articles 1. [![](https://articles.marketsmedia.com/hs-fs/hubfs/Imported_Blog_Media/trading-across-the-pond-Jul-07-2022-09-33-17-07-AM.png?width=376&height=250&name=trading-across-the-pond-Jul-07-2022-09-33-17-07-AM.png)](https://articles.marketsmedia.com/eu-achieves-electronic-trading-of-standardized-otc-derivatives) Regulation ## [EU Achieves Electronic Trading of Standard OTC Derivatives](https://articles.marketsmedia.com/eu-achieves-electronic-trading-of-standardized-otc-derivatives) ISDA warns on proposed changes to post-trade deferrals regime. 07.07.2022 By Shanny Basar 2. [![](https://articles.marketsmedia.com/hs-fs/hubfs/Imported_Blog_Media/iStock-522304914-Jul-07-2022-09-33-41-28-AM.jpg?width=376&height=250&name=iStock-522304914-Jul-07-2022-09-33-41-28-AM.jpg)](https://articles.marketsmedia.com/six-digital-exchange-collaborates-with-fireblocks) Fintech ## [SIX Digital Exchange Collaborates with Fireblocks](https://articles.marketsmedia.com/six-digital-exchange-collaborates-with-fireblocks) The partnership will focus on delivering an institutional custody solution for digital assets. 07.07.2022 By Shanny Basar 3. [![](https://articles.marketsmedia.com/hs-fs/hubfs/Imported_Blog_Media/Depositphotos_103566932_L-2.jpg?width=376&height=250&name=Depositphotos_103566932_L-2.jpg)](https://articles.marketsmedia.com/iosco-publishes-crypto-asset-roadmap) Regulators ## [IOSCO Publishes Crypto-Asset Roadmap](https://articles.marketsmedia.com/iosco-publishes-crypto-asset-roadmap) The IOSCO Fintech Task Force will collaborate closely with other international bodies. 07.07.2022 By Shanny Basar [![MarketsMedia](https://articles.marketsmedia.com/hubfs/MarketsMedia.svg "MarketsMedia")](http://marketsmedia.com) - [About us](https://www.marketsmedia.com/about-us) - [Careers](https://www.marketsmediagroup.com/careers) - [Contact](https://www.marketsmediagroup.com/contact) - [Advertise](https://www.marketsmediagroup.com/advertise) - [Newsletter](https://awards.marketsmedia.com/newsletter-sign-up) - [Corporate Site](https://marketsmediagroup.com) - © 2026 Markets Media Holdings LLC - - Terms & Conditions - Privacy Policy {{ standard\_footer\_includes }}