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The Monetary Authority of Singapore is collaborating with several partners to support exchange and settlement for international payments using central bank digital currencies. The government is processing transactions in Swiss francs, euros and Singapore’s wholesale CBDC. Wholesale CBDCs are designed for transfers between large banks and/or governments, and differ from retail CBDCs, which are designed for consumer use. MAS is working with Banque de France, Swiss National Bank and the Bank for International Settlements on its latest CBDC project. The work expands on Project Ubin, which is a MAS initiative that includes work with banks and other stakeholders on use cases for blockchains and other distributed ledgers. —John Adams
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