SEBA Bank, a FINMA licenced Swiss Bank providing a seamless, secure, and easy-to-use bridge between digital and traditional assets, today announced together with Xfers, a Southeast Asia based payments leader holding a Major Payment Institution (MPI) license for e-money issuance, they have been named among the 15 finalists for the Global Central Bank Digital Currency (CBDC) Challenge organised by the Monetary Authority of Singapore (MAS).
Launched by MAS and 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 (OECD), the Global CBDC Challenge calls for FinTech companies, financial institutions and solution providers around the world to submit innovative retail CBDC solutions to enhance payment efficiencies and promote financial inclusion.
The joint proposal submitted by Xfers and SEBA Bank was shortlisted from over 300 applications representing over 50 countries and will be presented to the public and a panel of judges at the Singapore Fintech Festival on 08 November 2021. SEBA Bank is thrilled to have been selected by the MAS for this CBDC challenge amongst such a prestigious group of institutions:
- ANZ Banking Group Limited
- Citibank N.A., Singapore Branch
- cLabs, Inc.
- Extolabs LLC
- Giesecke+Devrient advance52 GmbH
- HSBC Bank (Singapore) Limited and HSBC Holdings plc
- IOG Singapore Pte Ltd
- Standard Chartered Bank
- Xfers Pte. Ltd.
Aymeric Salley, Head of StraitsX, said,
“We are delighted to be named finalists for the CBDC challenge by the MAS. We look forward to continuing leveraging our experience as Singapore’s first stablecoin issuer, and working closely with our partner, SEBA Bank, which comes with a wealth of expertise and practical experience in developing CBDCs, having just completed a CBDC experiment with Banque de France in June this year.“
Matthew Alexander, Head Digital Corporate Finance & Asset Tokenisation added:
„We look forward to working with our partner Xfers and contributing both our Digital Asset capabilities and recent experience working with the Banque de France CBDC to support the MAS and the Singapore financial centre. As we are constantly striving for innovation in the development of digital currencies and digital asset infrastructure, this selection by MAS as a finalist in the CBDC challenge, is a significant validation of our innovation in the development of digital currencies, and builds on our work supporting the Banque de France in CBDC testing. The shortlisting by MAS is testament to SEBA Bank’s extensive network and operations in APAC, with the recent appointment of Sam Lin as APAC CEO, and headcount growth in our Singapore and Hong Kong hubs, further solidifying our presence in the region.“