SINGAPORE, June 22 (Bernama-BUSINESS WIRE) — The Mojaloop Foundation today announced the launch of its Mojaloop Central Bank Digital Currency (CBDC) Center of Excellence (COE) in Singapore to advance financial inclusion in emerging markets. In addition, the Mojaloop Foundation announced the appointment of Nick Drury, a seasoned executive with nearly 25 years of experience innovating payments technology to drive inclusion, as the Mojaloop CBDC COE Director. Nick will oversee the operations and strategic growth of the COE and its initiatives, such as hackathons, workshops, and pilot projects. Through these efforts, the COE will examine how Mojaloop open source software can leverage CBDCs to reduce the costs and inefficiencies of fast payment platforms and cross-border payments.
The COE will extend Mojaloop’s ecosystem engagement, leverage Singapore’s proximity and connectivity to other regions and connect the underserved with financial services firms and government entities in the emerging digital economy. To help guide the direction of the COE’s initiatives, the Mojaloop Foundation has also formed a Mojaloop CBDC COE Working Group comprising appointees from Mojaloop Foundation members, including the Bill & Melinda Gates Foundation, Coil, Google, ModusBox, the Monetary Authority of Singapore (MAS), RedCompass Labs, Ripple and Sybrin.