Project Orchid
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.
What are Digital Assets?
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:
- financial assets like cash and bonds
- real assets like artwork and property
- intangible items like carbon credits and computing resources
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.
Strategy to Develop Digital Asset Ecosystem
Potential of distributed ledger technology
Cross-Border Payments and Settlements
- Trade Finance
- Capital Markets
Support the tokenisation of financial and real economy assets
MAS has launched an initiative – called Project Guardian – to explore the potential of tokenised real economy and financial assets.
Anchor players with strong value propositions and risk management
MAS seeks to anchor in Singapore crypto players who can value add to our digital asset ecosystem and have strong risk management capabilities.
Enable digital currency connectivity
MAS is working with the industry on Project Orchid to develop the infrastructure and technical competencies necessary to issue a digital Singapore dollar should there be a need to do so in future.
Development Initiatives
What's New
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BIS’s Project Nexus prototype successfully links Eurosystem, Malaysia and Singapore payment systems; partners in Indonesia, Malaysia, the Philippines, Singapore and Thailand to work towards wider payment connectivity
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.
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Panel Discussion with Mr Ravi Menon, Managing Director, Monetary Authority of Singapore, at the International Symposium on Central Bank Independence on 10 January 2023
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".
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UK and Singapore deepen collaboration in FinTech and strengthen financial cooperation
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.
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Central Banks of Indonesia, Malaysia, Philippines, Singapore and Thailand Seal Cooperation in Regional Payment Connectivity
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.
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Singapore FinTech Festival 2022 sees Record Turnout from the Global FinTech Community
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.