Schemes and Initiatives
Published Date: 15 December 2022

Ubin+: Advancing Cross-Border Connectivity with Wholesale Digital Currencies

What It Is

Ubin+ Logo

Ubin+ is an expanded collaboration with international partners on cross-border foreign exchange (FX) settlement using wholesale digital currencies.

This initiative aims to strengthen Singapore’s capabilities to use digital currency-based infrastructure for cross-border transactions. Ubin+ builds on the foundation of Project Ubin (2016-2020) together with the learnings from MAS’ participation in Project Dunbar, and the multi-currency corridor network collaboration with Banque de France (BdF).

Ubin+ will focus on:
  • Studying business models and governance structures for cross-border foreign exchange (FX) settlement, where atomic settlement, based on digital currencies, can improve efficiencies and reduce settlement risks compared to existing payment and settlement rails.
  • Developing technical standards and infrastructure to support cross-border connectivity, interoperability and atomic settlement of transactions across platforms using distributed ledger technology (DLT), and non-DLT based financial market infrastructures.
  • Establishing policy guidelines for the connectivity of digital currency infrastructure across borders, for better access and participation. This includes policy relating to governance, access and compliance issues for such linkages.

Ubin+ consists of a series of projects to explore the potential models of digital currency connectivity.

Ubin+ Projects

Project Cedar Phase II x Ubin+: Maintaining Connectivity Across Heterogenous Digital Currency Networks
Project Cedar Phase II x Ubin+ is a collaboration between The Federal Reserve Bank of New York’s New York Innovation Center (NYIC) and MAS to enhance designs for atomic settlement of cross-border cross-currency transactions, leveraging wholesale central bank digital currencies (CBDC) as a settlement asset. It examined a cross-border multi-currency use case in which vehicle currencies are used as a bridge to exchange currency pairs that are not widely traded. Cedar x Ubin+ illustrated the ability of DLT to establish connectivity across heterogeneous simulated currency ledgers, reduce settlement risk, and decrease settlement time.


The report (350.8 KB)detailing the findings of the experiment was published jointly by MAS and NYIC.
Project Mariana: Exploring Exchange and Settlement of Wholesale CBDCs with Automated Market Makers
This project is a partnership involving MAS, Banque de France, Swiss National Bank, and the Bank for International Settlements Innovation Hub’s (BISIH) Eurosystem, Switzerland and Singapore Centres. It explores the use of Automated Market Maker to automate foreign exchange and settlement of Swissfranc, Euro and Singapore dollar wholesale CBDCs. 

The project has three main objectives:

  • Explore the design and application of AMMs for wholesale CBDCs
  • Investigate if a supra-regional network could work as an efficient and trusted hub for cross-border settlement
  • Research wholesale CBDC governance models within that network.


More information can be found in the press releases and BISIH‘s Project Mariana page .
Project Mandala
This project is a joint collaboration by MAS, Reserve Bank of Australia, Bank of Korea, Bank Negara Malaysia and the Bank for International Settlements Innovation Hub’s Singapore Centre. Project Mandala explores the feasibility of encoding jurisdiction-specific policy and regulatory requirements into a common protocol for cross-border use cases such as foreign direct investment, borrowing and payments


More information can be found in the press release and BISIH‘s Project Mandala page .
SWIFT CBDC Sandbox: Cross-border Interoperability Across Digital Currencies Based on Distributed Ledger Technology (DLT) and Non-DLT Payment Systems
MAS is participating in SWIFT’s CBDC Sandbox, together with more than 18 central banks and global commercial banks, to explore cross-border interoperability across digital currencies based on DLT and non-DLT payment systems.
For more information on MAS' participation in the following phases:


1. Phase 1 press release.

2. Phase 2 press release .


Other CBDC Projects

Project Dunbar: Multi-CBDC Platform (2022)
Project Dunbar brings together the Reserve Bank of Australia, Bank Negara Malaysia, Monetary Authority of Singapore, and South African Reserve Bank with the BIS Innovation Hub to test the use of a shared central bank digital currencies (CBDCs) platform for international settlements.
MAS x BdF: Multi-currency Corridor Network (2021)
Banque de France and MAS simulated cross-border and cross-currency transactions for Singapore Dollar (SGD) CBDC and €uro (EUR) CBDC on a common CBDC network. This is the first CBDC experiment that applied automated market making and liquidity management capabilities to reap cross-border payment and settlement efficiencies.


Things to note:

Members of the public should note that:

  • MAS and companies participating in MAS’ initiatives will not ask for your personal banking information, security login credentials or private keys to digital wallets.
  • MAS advises the public to be alert and wary of unsolicited calls or messaging which offer deals that seem too good to be true; request personal information; give instructions to transfer funds to a third party account or offer investments into projects.

If you encounter any suspected scams related to digital assets involving MAS, please DO NOT transfer any funds, and report the matter to MAS.

For impersonation scams involving institutions regulated by MAS or phishing scams, please make a police report via the Police Hotline at 1800-255-0000, or submit it online at .