MAS Singapore: Intends to open wholesale CBDC test network SGD Testnet to eligible Financial Institutions such as Standard Chartered and DBS

Odaily Planet Daily News According to official sources, the Monetary Authority of Singapore has announced its intention to promote regulated and trustworthy tokenized forms of currency as a common Settlement asset, thereby reducing Settlement risks and market fragmentation. It is currently facilitating Financial Institutions to obtain common Settlement assets, including wholesale Central Bank Digital Money (CBDC) in Singapore dollars, with initial test network SGD Testnet features including Settlement tools, programmability, and interoperability. Testnet SGD Testnet will be open to eligible Financial Institutions in Project Guardian and Project Orchid, with the first batch of participating Financial Institutions including DBS Bank, OCBC Bank, Standard Chartered Bank, and UOB, with participating use cases including payments and securities Settlement.