A collaboration project between MAS and the financial industry on exploring the use of DLT for clearing and settlement of payments and securities
As a central bank, MAS is tasked with ensuring sound money and efficient payments. We recognise that recent innovations have the potential to address some of the longstanding and emerging challenges in payments, including slow, opaque and expensive cross-border payments. Since 2016, MAS has been actively researching and experimenting with CBDCs in partnership with the industry, international organisations and other central banks, to better understand the opportunities and risks around them.
· Wholesale CBDCs, which are solely for use by a select group of financial institutions to settle large-value transactions among themselves and the central bank, just like reserves today.
· Retail CBDCs, which are for use by the general public for payments. These are the digital counterpart to the notes and coins that central banks issue today.
At the opening of the Point Zero Forum, Mr Heng Swee Keat, Deputy Prime Minister and Coordinating Minister for Economic Policies spoke about three double helixes of – Swiss-Singapore collaboration, Digital-Sustainability drivers, and Regulator-Industry partnership.
MAS and the Singapore FinTech Association announced today the launch of the 2022 Singapore FinTech Festival (SFF) Global FinTech Awards. The theme for the 2022 Awards is “Embracing Digital, Charting the New Normal”.
MAS, the International Finance Corporation (IFC) and the United Nations Development Programme (UNDP) have launched SME Financial Empowerment (SFE) - an open financial education and action programme for micro, small and medium enterprises (MSMEs) in Asia and Africa.
At the Asia Tech X Singapore Summit, Mr Heng Swee Keat, Deputy Prime Minister and Coordinating Minister for Economic Policies announced the launch of Project Guardian, a collaborative effort by MAS to partner the industry to explore the tokenisation of financial assets and develop the future of finance infrastructure. The first industry pilot will be to explore potential DeFi applications in wholesale funding markets.
MAS announced the launch of the 7th edition of the Global FinTech Hackcelerator today. The competition seeks to leverage the potential of FinTech in accelerating the development of Web 3.0 and Green Finance, in Singapore and the region.