Mojaloop Foundation COE for CBDCs: The Mojaloop Foundation Center of Excellence (COE) for Central Bank Digital Currencies (CBDC) has been formed to help drive the foundation’s mission of advancing financial inclusion in emerging markets.
Purpose of the Mojaloop Foundation COE for CBDCs: The COE will collaborate on initiatives, such as hackathons, workshops, and pilot projects, that 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.
Mojaloop Foundation COE for CBDCs Working Group: To help guide the direction of the COE’s initiatives, we have formed the Mojaloop Foundation COE for CBDCs Working Group with 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.
Key Objectives of the Mojaloop Foundation COE for CBDCs
This collaboration aims to achieve the following via the Mojaloop Foundation COE for CBDCs:
- Identify ways CBDC technologies have the potential to make a wider spectrum of Mojaloop-enabled, inclusive push-payment capabilities available to central banks and their citizens, merchants, and digital financial institutions in ways that remove the restrictive hurdles and high fees that have been barriers to advancing financial inclusion in the past.
- Extend ecosystem engagement, leveraging Singapore’s proximity and connectivity to the Asia Pacific region to accelerate the broader adoption of inclusive, affordable domestic and cross-border payment platforms that benefit the underserved and connect them to the emerging digital economy.
- Facilitate Mojaloop Foundation COE for CBDCs Working Group initiatives such as hackathons, workshops, and pilot projects, that examine how Mojaloop can leverage CBDCs to reduce the costs and inefficiencies of push payment platforms and cross-border payments and settlement processes.
- Join the Mojaloop Foundation: members of the Mojaloop Foundation have the ability to oversee the governance and priorities of our CBDC initiatives. For more information on how to become a member, click here.
- Join the COE for CBDCs Working Group: as an open-source project, we welcome participation in the working group. Please complete the form below and you will be contacted directly.
To learn more about how you can contribute to accelerating the broader adoption of inclusive, affordable domestic and cross-border payment platforms to benefit the underserved, get involved in the Mojaloop Foundation COE for CBDCs Working Group. Submit an inquiry form below.
With the launch of the Mojaloop CBDC Center of Excellence, the Mojaloop Foundation is accelerating the broader adoption of inclusive, affordable domestic and cross-border payment platforms that benefit the underserved. I look forward to collaborating with the Center’s leadership and contributors to advance financial inclusion in emerging economies.
Our team at Coil is pleased to be part of the Mojaloop CBDC Center of Excellence Working Group. As CBDCs and smart contract solutions gain momentum globally, we believe that it is essential to explore how CBDC technology can help Mojaloop open source software reduce the cost of interoperability. The goal is to expand the Mojaloop offering in ways that support emerging economies to build digital financial services that are more inclusive and accessible to all.
MAS welcomes the setup of Mojaloop Foundation’s first global COE in Singapore. The COE’s effort to develop open-source software and a reference model for extending existing payment systems with wholesale digital currency-based settlement networks is a step forward into the future of financial services. We are delighted that Mojaloop has selected Singapore as the global hub to develop its capabilities and extend its ecosystem engagement, connecting the underserved with financial services firms and government entities in the emerging digital economy. We look forward to supporting the COE’s effort to foster greater international collaboration in enabling more seamless cross-border transactions.
We are looking forward to collaborating with our fellow Mojaloop CBDC Center of Excellence Working Group members to advance Mojaloop’s mission of financial inclusion. Together, we can help organizations understand how to leverage CBDC technology and Mojaloop to build interoperable digital payment systems that work across borders, provide low-cost access, and make the world a more financially inclusive place.
RedCompass Labs’ mission is to open the doors of finance to all and protect those who enter. Indeed, we believe that interoperable payments and financial inclusion are key pillars of a fair, peaceful, and prosperous society. These objectives align perfectly with the Mojaloop CBDC Center of Excellence’s mission to advance financial inclusion. As part of the Working Group, we look forward to exploring how CBDC technology can enhance the ways in which Mojaloop open source software can remove the existing frictions in cross-border payments, and empower nations to make their payment ecosystem more inclusive by connecting various actors – central banks, digital financial providers, merchants and mobile money providers – to a single platform.
We are honored to support the Mojaloop CBDC Center of Excellence in Singapore and join the Working Group. Creating economic fairness and opportunity for the unbanked and vulnerable populations is Ripple’s highest social impact priority — a natural extension of Ripple’s fundamental business. Ripple is proud to collaborate with fellow Working Group members on how CBDC technology and Mojaloop open source software can make cross-border payments faster, cheaper and more reliable and accessible for hundreds of millions of consumers and businesses globally.
We are proud to be part of the Mojaloop CBDC Center of Excellence Working Group in Singapore. We have experienced the need for financial inclusion first-hand and support improving access for all by providing affordable software and solutions for banks and governments. We look forward to working with our fellow Working Group members to examine how CBDC technologies can enable Mojaloop to deliver easy-to-implement and easy-to-manage solutions that drive integration, interoperability, collaboration and information sharing that bring down the costs and barriers to financial inclusion across the ecosystem.
Submit an inquiry form
To learn more about how you can contribute to accelerating the broader adoption of inclusive, affordable domestic and cross-border payment platforms to benefit the underserved, get involved in the Mojaloop Foundation COE for CBDCs Working Group
