The companies lining up to develop Singapore’s digital currency

The Monetary Authority of Singapore has announced 15 finalists in the running to develop a retail Central Bank digital currency solution.

The finalists were selected from over 300 submissions from more than 50 countries in a challenge launched by the Monetary Authority in June.

Sopnendu Mohanty, the Monetary Authority’s Chief FinTech Officer said the Singapore digital currency challenge aims to discover and develop retail Central Bank digital currency 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.”

The finalists are:

  • 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
  • Criteo
  • IOG Singapore Pte Ltd
  • Soramitsu
  • Standard Chartered Bank
  • Xfers Pte. Ltd

The finalists will progress to the Acceleration Phase of the challenge, before they pitch their solutions to a panel of judges and an international audience at this year’s Singapore FinTech Festival in November.