Singapore’s MAS finalise 15 companies for retail CBDC development

Singapore's MAS finalise 15 companies for retail CBDC development 2

The Monetary Authority of Singapore shortlisted 15 national & international Fintech companies which will help to build in house CBDCs for Singapore.

On 28 June, MAS authority announced that they will give a cash prize of 50,000 to that company which will help MAS authority to build CBDCs in the development stage. After the announcement, many Fintech companies entered in this competition. And now MAS finally announced a total of 15 companies that may lead the development of CBDCs. 

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The shortlisted Fintech companies by MAS are six companies from Singapore ( Citibank N.A., HSBC Bank Limited and HSBC Holdings plc, IDEMIA, IOG Singapore Pte Ltd., Standard Chartered Bank and Xfers Pte. Ltd.), four from the United States ( cLabs, Inc., Consensys, Extolabs LLC and IBM.), Australia, Barbados, Germany, France and Switzerland.

MAS authority  will again do the elimination round & will shortlist a total 3 companies that will work with the Singaporean Monetary Authority to develop the in house CBDCs.

As per announcement, three shortlisted companies will be allowed to give access to “the APIX Digital Currency Sandbox for rapid prototyping of digital currency solutions.”

The final shortlist date of announced will be in between the dates Nov. 8 to Nov. 12, 202.

Singapore’s authorities are much aware about the potential of blockchain because they are not only working in the blockchain technology based development work but also they are allowing their citizens to use crypto assets with better legal framework rules. Right now, Singapore is hosting around 170 crypto exchanges. And also they are also offering proper & systematic procedures to welcome licenses for all crypto services related companies.

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