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.
A digital asset is anything of value whose ownership is represented in a digital or computerised form.
This is done through a process called tokenisation – which involves using a software programme to convert ownership rights over an asset into a digital token. Many items can potentially be tokenized:
Digital assets are typically deployed on distributed ledgers that record the ownership and transfer of ownership of these assets.
Through tokenisation, high value financial and real economy assets can be fractionalised and exchanged over the internet on a peer-to-peer basis. This could potentially enhance the efficiency, accessibility, and affordability of financial services, increase liquidity in financial markets, and enhance economic inclusion.
Cross-Border Payments and Settlements
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.
The seventh edition of the Singapore FinTech Festival (SFF), which concluded on 4 November 2022, attracted more than 62,000 participants from over 115 countries. This was the largest SFF gathering since the inaugural edition in 2016.