The Monetary Authority of Singapore (MAS) is embarking on “Project Orchid” to build the technology, infrastructure and technical competencies that are necessary to issue a digital Singapore dollar should it decide to do so in the future, says the central bank’s managing director Ravi Menon.
Speaking at the Singapore Fintech Festival 2021 in a session called “The Future of Money, Finance and the Internet”, Menon says there is no strong case for the issuance of retail Central Bank Digital Currency (CBDC) in Singapore. However, the MAS recognises that there could be potential benefits offered by innovative retail CBDC solutions in the future.
“The MAS will pursue Project Orchid in close partnership with the private sector, building on the rich findings from the Global CBDC challenge that MAS launched earlier this year. We have received more than 300 proposals from over 50 countries in response to the problem statements that we posed,” says Menon.