The Monetary Authority of Singapore is collaborating with the country’s private sector to launch a Central Bank Digital Currency, project Orchid.
The authority has teamed up with major organizations like the IMF and World Bank, on the global CBDC challenge to create a solution for payments and financial services.
The top finalists currently pitching their ideas at the Singapore Fintech Festival include IBM, Ethereum Software Company ConsenSys, and ANZ Banking Group.
Singapore is also working with the central banks of South Africa, Australia, and Malaysia on a wholesale CBDC project called Project Dunbar for cross-border remittances.
The Monetary Authority’s Managing Director Ravi Menon cautioned retail investors that cryptocurrency was a risky retail investment. He praised Web 3.0 and DeFi as a new frontier on completing financial transactions that the authority was considering.
Source: Monetary Authority of Singapore