Digital Assets and Asset Tokenisation
MAS and New York Fed publish results of joint wholesale cross-border payments research study
18 & 19 May 2023
MAS and Federal Reserve Bank of New York’s New York Innovation Center published a research report detailing the results of the joint Project Cedar Phase II x Ubin+ (Cedar x Ubin+) experiment. The Cedar x Ubin+ experiment examined whether distributed ledger technology (DLT) could be used to improve the efficiency of cross-border wholesale payments and settlements involving multiple currencies. The project ultimately met the three success criteria for Project Cedar x Ubin+.
MAS proposes standards for digital money
21 June 2023
MAS published a whitepaper proposing a standard protocol - Purpose Bound Money (PBM), for programming the use of digital money. With a standardised protocol, stakeholders using different digital wallets and infrastructures can transfer digital money to one another without the need for customisation. This facilitates financial transactions to be conducted seamlessly across borders and platforms. The whitepaper was developed in collaboration with the International Monetary Fund, Banca d’Italia, Bank of Korea, financial institutions and FinTech firms.
Bank for International Settlements (BIS) and central banks of France, Singapore and Switzerland successfully test cross-border wholesale central bank digital currencies (CBDCs)
28 September 2023
BIS and the central banks of France, Singapore and Switzerland have successfully tested the cross-border trading and settlement of wholesale CBDCs between financial institutions, using new decentralised finance technology concepts. The project’s proof of concept successfully tested the cross-border trading and settlement of hypothetical euro, Singapore dollar and Swiss franc wholesale CBDCs between simulated financial institutions.
BIS and central bank partners to explore protocols for embedding policy and regulatory compliance in cross-border transactions
5 October 2023
BIS and central bank partners, Reserve Bank of Australia (RBA), Bank of Korea (BOK), Bank Negara Malaysia (BNM) and MAS, launched Project Mandala, a proof of concept that seeks to ease the policy and regulatory compliance burden by automating compliance procedures, providing real-time transaction monitoring and increasing transparency and visibility around country-specific policies.
MAS Partners Financial Industry to Expand Asset Tokenisation Initiatives
15 November 2023
MAS announced that it is working with the financial industry to expand asset tokenisation initiatives and develop foundational capabilities to scale tokenised markets. These developments will catalyse the institutional adoption of digital assets, with the aim of freeing up liquidity, unlocking investment opportunities, and increasing the efficiency of financial markets.
MAS lays foundation for safe and innovative use of digital money in Singapore
16 November 2023
MAS unveiled initiatives to ensure the safe and innovative use of digital money in Singapore and published the Project Orchid Blueprint which sets out the technology infrastructure that would be required to facilitate digital money transactions in the future.