The Monetary Authority of Singapore (MAS) has announced the launch of a global challenge for retail central bank digital currency (CBDC) solutions.

The Global CBDC Challenge is launched in partnership with the International Monetary Fund, World Bank, Asian Development Bank, United Nations Capital Development Fund, United Nations High Commission for Refugees, United Nations Development Programme, and the Organisation for Economic Co-operation and Development.

Under the challenge, FinTech companies, financial institutions and solution providers around the world are invited to submit proposals on retail CBDC solutions aimed at enhancing payment efficiencies and promote financial inclusion.

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