Building on the rich findings from Global CBDC Challenge 2021, Project Orchid aims to build the foundational digital infrastructure and blueprint required for a future digital currency ready-platform.
CBDCs are a digital form of central bank money. There are two main variants of CBDCs:
MAS and Bank Negara Malaysia launched a cross-border QR code payment linkage between Singapore and Malaysia.
The BIS Innovation Hub Singapore Centre and partners today announced the successful connection of the test versions of three established IPS using the Nexus model and outlined the next phase of the project to work on the real-world potential of a multilateral network that could be scaled up across more countries.
At the International Symposium on Central Bank Independence, Mr Ravi Menon, Managing Director, MAS, spoke on the panel titled "Central bank independence and the development of payments and central bank digital currencies".
The United Kingdom (UK) and Singapore held the 7th UK-Singapore Financial Dialogue in Singapore today. Both countries renewed their commitment to deepening the UK-Singapore Financial Partnership that was agreed in 2021, discussed mutual priorities such as sustainable finance, FinTech and innovation, and agreed on further cooperation in these areas.
Bank Indonesia, Bank Negara Malaysia, Bangko Sentral ng Pilipinas, Monetary Authority of Singapore, and Bank of Thailand have agreed to strengthen and enhance cooperation on payment connectivity to support faster, cheaper, more transparent, and more inclusive cross-border payments.