Singapore’s central bank partners New York Fed

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The Monetary Authority of Singapore (MAS) has partnered The New York Innovation Center of the Federal Reserve Bank of New York, to study if wholesale central bank digital currencies (wCBDCs) can make cross-border payments more efficient.

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Fast facts

  • Named “Project Cedar Phase II x Ubin+”, the joint effort is expected to improve designs for atomic settlement of cross-border cross-currency transactions using wCBDCs, MAS said in a statement on Friday. 
  • The experiment also aims to reduce settlement risk in cross-border transactions.
  • “The Project Cedar Phase II x Ubin+ experiment is not intended to advance any specific policy outcome, nor is it intended to signal that the Federal Reserve will make any imminent decisions about the appropriateness of issuing a retail or wholesale CBDC, nor how one would necessarily be designed,” MAS clarified.
  • Details of the experiment and findings will be released in 2023, MAS said.
  • Earlier this month, MAS announced Project Ubin+, a collaborative initiative with international partners to explore cross-border foreign exchange settlements using wCBDC.

See related article: Singapore still aims to be a crypto hub, minus speculative trading

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