20 November 2023

Singapore to pilot use of wholesale central bank digital currencies in 2024

Written By FinTech Alliance

Singapore to pilot use of wholesale central bank digital currencies in 2024

In 2024 Singapore will pilot the live issuance and use of wholesale central bank digital currencies

In brief:

-Singapore will be piloting the live issuance and use of wholesale central bank digital currencies next year, said the city-state’s central bank.

-During the pilot, the MAS will partner with local banks to pilot the use of wholesale CBDCs to faciliate domestic payments.

-Wholesale CBDC is a digital currency issued by a central bank, that’s used exclusively by central banks, commercial banks or other financial institutions to settle large-value interbank transactions.

What does this mean?

“I’m pleased to announce that MAS will pilot the live issuance of wholesale CBDCs to instantaneously support payments across commercial banks here,” said Ravi Menon, managing director of the Monetary Authority of Singapore, at Singapore FinTech Festival 2023 on Thursday.

Read more here.

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