Amidst a small cohort of leading fintech development teams, IOG joins the accelerator backed by The Monetary Authority of Singapore, the country's central bank.
CBDC Challenge Top 15 announced; Cardano (ADA) devs are on short list
According to the official announcement shared by Singapore's central banking institution, The Monetary Authority of Singapore, an independent jury of experts nominated the finalists of the Global CBDC Challenge.
We're delighted that an IOHK proposal addressing the problem of offline transactions has been selected as one of 15 finalists for the Global Central Bank Digital Currency Challenge (held by @MAS_sg)! 💪— Input Output (@InputOutputHK) September 1, 2021
Read more about it 👇https://t.co/VA4Ok5NXKP
IOG Singapore Pte Ltd is in the list together with their competitors, leading Ethereum (ETH) studio ConsenSys.
In total, more than 300 projects from 50 countries across the globe were reviewed by the jury. The applicants addressed the most crucial problems of central bank digital currencies adoption, i.e., CBDC instruments, CBDC distribution and CBDC infrastructure.
The solutions submitted included the red-hot spheres of blockchain technology, such as hardware wallet and digital identity and assets tokenization solutions.
All eyes on CBDCs
Mr. Sopnendu Mohanty, chief fintech officer of MAS, stressed that the level of proposed solutions looks exciting to him:
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.
Now the finalists are entering an eight-week Acceleration Phase that will include masterclasses and networking sessions with a clutch of top-notch experts.
The top three winners will each win 50,000 SGD. Also, the finalists will be granted API access to Singapore's digital currency sandbox.