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.
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