Singapore’s central bank offers cash prizes for digital currency ideas

The Monetary Authority of Singapore, the country’s central bank and a major financial regulator, is challenging fintech companies to pitch solutions for a central bank digital currency, or CBDC.

On Monday, the central bank officially announced a global challenge that seeks new retail CBDC solutions which enhance payment efficiencies and promote financial inclusion. As part of the initiative, the MAS is planning to distribute 50,000 Singapore dollars, or $37,000 USD at time of publication, to each of three challenge winners. They will also provide expert mentorship to 15 finalists in an effort t encourage rapid development of digital currency solutions.