MAS Launches Ubin+

The Monetary Authority of Singapore (MAS) launched Ubin+, an expanded collaboration with international partners on cross-border foreign exchange (FX) settlement using wholesale central bank digital currency (CBDC). 

Ubin+ will focus on:

• Studying business models and governance structures
• Developing technical standards and infrastructure
• Establishing policy guidelines

for cross-border FX settlements using digital currency infrastructure

As part of the initiative, the MAS will be undertaking a few projects with the following international partners:

• FX and Liquidity Management – exploring the use of automated market makers for the exchange and settlement of Swiss franc, Euro and Singapore dollar wholesale CBDCs. Partners: Banque de France, Swiss National Bank, and the Bank for International Settlements Innovation Hub’s Eurosystem, Switzerland and Singapore Centres.

• Interoperability between DLT and non-DLT payment systems – participation in SWIFT CBDC Sandbox. Partners: more than 17 central banks and global commercial banks.

• Connectivity across digital currency networks – studying possible mechanisms to connect CDBC with other heterogeneous digital currency networks and the use of smart contracts in cross-border transactions.