Follow us on social media:
Four pilot projects will test how consumers, businesses, and the government use a digital Singapore dollar to make and receive payments in 2022.
According to a Monday central bank statement, DBS Bank, Grab, OCBC Bank, and UOB are conducting the experimental programmes alongside government agencies and the Monetary Authority of Singapore (MAS).
![](https://wpnaos-deficonsultinggroup.pf23.wpserveur.net/wp-content/uploads/2022/11/Project-Orchid-1024x1024.png)
The studies focus on purpose-bound money (PBM), a digital currency that allows issuers to set limits, such as validity period and storage kinds, when making transfers to persons or corporations.
After postponing the introduction of a retail central bank digital currency (CBDC) until 2021, MAS began the experimental programmes.
On Monday, MAS said it is vigorously investigating digital currency use cases with business and government partners.