We’re excited to announce that Criteo and Secretarium, in collaboration with Intel, were recognized by the Monetary Authority of Singapore (MAS) as one of three winners of their Global Central Bank Digital Currency (CBDC) challenge – out of more than 300 submissions MAS received.
CBDC is a new and exciting area as it has the potential to dramatically increase payment efficiencies, improve financial inclusion, and accelerate the transformation of the digital economy. While traditional forms of payment are inefficient by today’s digital internet and big data computing standards, CBDCs can be real-time and drop the cost of moving money to nearly that of text messaging. Moreover, since more people own cell phones than have bank accounts globally, CBDCs can greatly increase financial inclusion.
With Criteo’s long history in AI and Machine Learning and running large scale secure global platforms that handle billions of transactions, we are regularly looking at interesting opportunities to explore. That’s why we’ve teamed up for this competition with integrity and confidentiality crypto-platform Secretarium and technology partner Intel to propose a new computing architecture for CBDCs leveraging a Secure-enclave Distributed Ledger Technology (SDLT) developed by Secretarium, providing a new level of scalability, security and application extensibility.
“We are thrilled about this recognition by the Monetary Authority of Singapore, as it marks a tremendous success for the team that worked so hard on developing this research initiative into CBDCs. Together with our partners Secretarium and Intel, we’ve been able to successfully demonstrate the potential of Criteo’s global tech platform by deploying it into such an innovative area,” said Paul Touw, SVP, Criteo.
“Criteo is an independent tech company with a global infrastructure, proven transaction processing network, and superior AI skills. This puts us in the right position to explore opportunities that rely on those capabilities, like CBDCs,” said David Fox, Chief Commercial Officer and Chief Development Officer, Criteo. “This recognition is a huge milestone which highlights once more the unique assets and innovative power of Criteo when it comes to transforming Commerce for the future.”