Singapore calls for retail CBDC solutions, partners IMF and World Bank

THE Monetary Authority of Singapore (MAS) is inviting fintech companies and financial institutions around the world to propose innovative retail central bank digital currencies (CBDCs) solutions.

CBDCs refer to digital currencies that are backed by central banks, with attention gaining on how these can speed up cross-border payments.

In its Global CBDC Challenge announced on Monday, the MAS said it seeks market-ready solutions that can address 12 problem statements centred on three key areas.