15 finalists have been selected in a process to help develop a digital currency in Singapore.
The Monetary Authority of Singapore (MAS) has selected finalists in a competition to help the development of a central bank digital currency.
The challenge included financial institutions, FinTechs and technology providers.
The banks, and others, have been chosen through their ability to address 12 problem statements.
What does this mean?
The competition, called the Global CBDC Challenge, aimed to bring together various experts from across the world to figure out how best to develop a digital currency, focusing on infrastructure, distribution, inclusivity and more.
The finalists are now through to an Acceleration Phase with Singapore’s digital currency sandbox.