The Monetary Authority of Singapore (MAS) is looking at the potential for central bank digital currencies (CBDC) to be used for cross-border foreign exchange settlement.
Project Ubin initially explored this, now research into the potential of wholesale CBDC is being stepped up with Ubin+.
Singapore will work with a number of international partners on various project around ForEx settlement.
For example, Project Mariana will look at the exchange and settlement of the Swiss franc, Euro and Singapore dollar.
What does this mean?
MAS is not only working with international banks but will be participating in SWIFT’s CBDC sandbox, as well as studying mechanisms to maintain connectivity between CBDCs and other networks.