Monetary Authority of Singapore: Plans to open wholesale CBDC testnet SGD Testnet to eligible financial institutions such as Standard Chartered and DBS

ChainCatcher news, according to official sources, the Monetary Authority of Singapore (MAS) has announced plans to promote regulated and trusted tokenized forms of currency as common settlement assets, thereby reducing settlement risks and market fragmentation. It is currently facilitating financial institutions to obtain common settlement assets, including the Singapore dollar wholesale central bank digital currency (CBDC). The initial test network, SGD Testnet, features settlement tools, programmability, and interoperability.

The test network SGD Testnet will be open to eligible financial institutions in Project Guardian and Project Orchid. The first batch of participating financial institutions includes DBS Bank, OCBC Bank, Standard Chartered Bank, and UOB, with use cases including payments and securities settlement.