The Libeara solution received international-level endorsement when SCB presented their tokenisation solution and emerged as one of the 15 finalists out of over 300 international participants in the Monetary Authority of Singapore’s (MAS) Global Central Bank Digital Currency (CBDC) Challenge.

Finalists were selected by an independent panel of judges comprising policy and technical experts, academia, and senior representatives of international organisations, who evaluated solutions based on their ability to address 12 problem statements relating to financial inclusivity, interoperability, and programmability.

The accomplishment saw Libeara technology fast-tracked for grant applications of up to S$200,000 under the MAS Financial Sector Technology and Innovation (FSTI) Proof-of-Concept Scheme.

As a finalist, the Libeara development team supporting SCB underwent an eight-week Acceleration Phase supported by Tribe Accelerator, where they refined their solutions based on masterclasses from industry experts and with tools from the API Exchange (APIX) Digital Currency Sandbox. They then pitched their solutions to a panel of judges at the 2021 Singapore FinTech Festival, the world’s largest fintech event and community of technopreneurs, policymakers, industry leaders, academics, and private equity players.