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Economy

Singapore dangles fintech prize for digital currency ideas

Central bank aims to iron out issues with fiat e-money as interest grows

The Monetary Authority of Singapore has not said whether it will launch a retail digital currency, but it has been exploring the concept.   © Reuters

SINGAPORE -- Singapore is challenging fintech companies to pitch ideas to maximize the potential of central bank digital currencies, as countries increasingly look to create next-generation fiat money.

The Monetary Authority of Singapore, the central bank, on Monday said it wants financial technology businesses, financial institutions and other global players to submit suggestions on how to address problems around instruments, distribution and infrastructure for retail CBDCs. They stand to win some cash -- and publicity -- for doing so.

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