Monetary Authority of Singapore Global CBDC Challenge: Get Involved!
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Monetary Authority of Singapore Global CBDC Challenge: Get Involved with R3!

July 13, 2021

R3 is excited to announce that we are a technology partner for the Global CBDC Challenge recently launched by the Monetary Authority of Singapore (MAS) for retail Central Bank Digital Currency (CBDC) solutions. The challenge is looking for financial institutions, FinTechs, and solution providers worldwide to create innovative retail CBDC solutions that enhance payment efficiencies and promote financial inclusion. Finalists of the Challenge will have the chance to pitch their solutions to the global audience at the Demo Day to be held at this year’s Singapore FinTech Festival in November. Up to three winners will be selected to receive S$150,000 in cash prizes.

As a partner, the R3 Sandbox for Digital Currencies has been integrated into the APIX platform alongside accompanying APIs. This enables easy participation in the challenge using our market-leading platform for CBDC experimentation.

What is the R3 Sandbox for Digital Currencies?

R3 Sandbox for Digital Currencies is a development platform for CBDC experimentation that is already being used by global financial institutions and regulatory bodies.

It allows central banks, commercial banks, exchanges, payment providers and more to work together in a ‘ready-made payments ecosystem’ to assess CBDC use cases, learn, transact, and test roll-out strategies and designs.

Managed by R3 and powered by Corda, the sandbox is underpinned by the most scalable and regulatory friendly DLT platform on the market.

Why use the R3 Sandbox for Digital Currencies for the Global CBDC Challenge?

  • You can learn about the possibilities and capabilities of CBDCs in an educationally conducive environment which includes detailed demos, documentation, and pop-up instructions.
  • Simulate the issuance, distribution, and exchange of CBDCs between banks, exchanges, payment providers and consumers in a simulated environment
  • Accelerate your CBDC expertise with pop-up instructions, guidance from demos and sample applications, access to a research and development program and collaboration with institutions further along in their CBDC journey
  • It has strong capabilities around wholesale CBDC interactions between central and commercial banks; we will leverage FinTechs to build the interaction layers between large payments operators and retail consumers.
  • Participants can mix and match APIs from different tech partners to build solutions.
  • R3 will provide technical mentorship to FinTechs developing on our CBDC APIs throughout this challenge.

Resources to help you get started

Corda in action for CBDC

  • Bank of Canada: Project Jasper Phase 3, Securities settlement using Corda
    • Securities and cash were brought on-ledger through the issuance of Digital Depository Receipts (DDRs) by CDS and the Bank of Canada, respectively, allowing POC participants to settle securities against central bank cash on the distributed ledger.
  • Bank of Thailand: Project Inthanon Phase 3, Leveraging Corda to Increase Efficiency in Cross-Border Payments
    • The Bank of Thailand, in conjunction with the Honk Kong Monetary Authority created a cross border corridor, enabled FX price discovery, and facilitated atomic PvP.
  • European System of Central Banks (ESCB) EUROchain PoC, Retail CBDC payments system on Corda
    • The proof of concept drawn up by the ESCB demonstrates that it is possible to construct a simplified CBDC payment system that allows users some degree of privacy for lower-value transactions, while still ensuring that higher-value transactions are subject to mandatory AML/CFT checks.

 

Submit your application for the Global CBDC Challenge by July 23 2021!

Global CBDC Challenge Application

Contact us to learn more about the Sandbox for Digital Currencies or request a demo.

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