Project Dunbar
Project Dunbar proved that financial institutions could use CBDCs issued by participating central banks to transact directly with each other on a shared platform. This has the potential to reduce reliance on intermediaries and, correspondingly, the costs and time taken to process cross-border transactions. The project identified three critical questions: which entities should be allowed to hold and transact with CBDCs issued on the platform? How could the flow of cross-border payments be simplified while respecting regulatory differences across jurisdictions? What governance arrangements could give countries sufficient comfort to share critical national infrastructure such as a payments system? The project proposed practical solutions for addressing these issues, which were validated through the development of prototypes that demonstrated the technical viability of shared multi-CBDC platforms for international settlements.
The project is a collaboration between the BIS Innovation Hub Singapore Centre, the Reserve Bank of Australia, Bank Negara Malaysia, the Monetary Authority of Singapore and the South African Reserve Bank.
Related Publications
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Monographs/Information PapersPublished Date: 11 September 2026
MAS' Approach to Resolution of Financial Institutions in Singapore
This Monograph explains MAS’ role as resolution authority and approach towards resolving financial institutions under MAS’ purview.
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Monographs/Information PapersPublished Date: 12 August 2026
Information Paper on Culture Capabilities for Effective Remediation and Sustainable Change
The information paper sets out supervisory observations on four culture capabilities that have been associated with more effective remediation of serious risk events and lower likelihood of recurrence. The capabilities can also be applied pre-emptively before risk events occur.
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Monographs/Information PapersPublished Date: 03 July 2026
Safeguards for Agentic Finance at Runtime (SAFR)
Safeguards for Agentic Finance at Runtime (SAFR) proposes a framework for the governance of AI agents in financial services, defining how agent actions are authorised, how human oversight is activated, and what is recorded at the point of every decision. The paper also discusses implementation considerations for...