DBS Partners With Open Government Products To Launch Singapore Pilots Tokenized Fiat
DBS, a Singapore-based financial services business, is collaborating with Open Government Products, a Singapore government IT team, to establish a live test for the issue of purpose-bound money-based vouchers.
The trial is part of Project Orchid, which is led by the Monetary Authority of Singapore (MAS) and intends to allow a programmable digital Singapore dollar. DBS will issue digital Singapore dollars, and Open Government Products will enable smart contracts.
Orchid is a project aiming at creating the technology infrastructure required to introduce a programmable digital Singapore dollar (DSGD).
The MAS is in charge of Project Orchid, which brings together the government and important stakeholders in the payments and banking industries.
The trial is proof of the practicality of programmable money and its potential advantages to the payments system, according to Shee Tse Koon, Singapore Country Head of DBS. He said:
“This solution could help businesses and NGOs leapfrog into the future of money. ‘Purpose bound money’ will be immensely transformative especially when governments, businesses and individuals come together with a collective vision to adopt the use of digital money on inter-connected networks to realise a fully transparent and efficient global financial infrastructure for payments.”
The live trial will begin with six retailers and 1,000 selected consumers.
DBS argues the experiment might help the Community Development Council voucher system deal with the negative consequences of growing inflation and rising living costs, citing rapid payouts and eliminating backend administration.
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