What are CBDCs?
CBDCs are a digital form of central bank money. There are two main variants of CBDCs:
· Wholesale CBDCs, which are solely for use by a select group of financial institutions to settle large-value transactions among themselves and the central bank, just like reserves today.
· Retail CBDCs, which are for use by the general public for payments. These are the digital counterpart to the notes and coins that central banks issue today.
Key Speeches
- "Decentralised Finance and the Future of Money" - Panel Remarks by Mr Ravi Menon, Managing Director, Monetary Authority of Singapore, at the Andrew Crockett Memorial Lecture by Mark Carney via Video Conference on 28 June 2021
- “Innovation in Central Banking – Seizing Opportunities, Securing Our Future” - Remarks by Ms Jacqueline Loh, Deputy Managing Director (Corporate Development), Monetary Authority of Singapore, at BIS Innovation Summit on 25 March 2021
- "E-Payments in Asia: Regulating Innovation and Innovative Regulation" - Keynote Address by Ms Jacqueline Loh, Deputy Managing Director, Monetary Authority of Singapore, at the Central Bank Payments Conference on 26 June 2018
Development Initiatives
Project Ubin
A collaboration project between MAS and the financial industry on exploring the use of DLT for clearing and settlement of payments and securities
Global CBDC Challenge
The Global CBDC Challenge organised by MAS, in partnership with IMF, World Bank, ADB, UNCDF, UNHCR, UNDP and OECD, seeks innovative retail CBDC solutions to enhance payment efficiencies and promote financial inclusion
Multi-Currency Corridor Network
A wholesale cross-border payment and settlement experiment using Central Bank Digital Currency (CBDC) by Monetary Authority of Singapore (MAS) and Banque de France (BdF)
Project Dunbar
Launched with the Bank for International Settlements Innovation Hub, the Reserve Bank of Australia, Bank Negara Malaysia, Monetary Authority of Singapore and South African Reserve Bank to test the use of central bank digital currencies (CBDCs) for international settlements
Project Orchid
Building on the rich findings from Global CBDC Challenge 2021, Project Orchid aims to build the foundational digital infrastructure and blueprint required for a future digital currency ready-platform
What's New
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"Growing a Vibrant Insurance Linked Securities Market in Asia" - Speech by Mr Lim Cheng Khai, Executive Director, Financial Markets Development Department, Monetary Authority of Singapore, at the Artemis ILS Asia Conference 13 July 2023
Steve Evans, Editor in Chief, Artemis Distinguished guests Ladies and gentlemen Introduction 1. Good morning. Thank you for having me at the Artemis ILS Asia Conference. It is good to see the event back for its fifth installation in Singapore. I am happy to be here, to reconnect with friends I’ve met in Artemis New York...
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Testing Monetary Policy Statements Pras
Testing short summary
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Testing FATF Statement
Testing short summary
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"Yes to Digital Asset Innovation, No to Cryptocurrency Speculation" - Opening Address by Mr Ravi Menon, Managing Director, Monetary Authority of Singapore, at Green Shoots Seminar on 29 August 2022
At the Green Shoots Seminar, Mr Ravi Menon, Managing Director, MAS, explained the complexities of the digital asset ecosystem and its different components – and what MAS is actively promoting; what MAS is discouraging; and what are the risks MAS is seeking to manage.
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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...