News

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.
DBS Partners With Open Government Products To Launch Singapore Pilots Tokenized Fiat 4

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.

DBS Partners With Open Government Products To Launch Singapore Pilots Tokenized Fiat 5

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.”

DBS Partners With Open Government Products To Launch Singapore Pilots Tokenized Fiat 6

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.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

Recent Posts

Federal Reserve Bitcoin Proposal as Lummis Suggests Selling Gold

Senator Lummis’s Federal Reserve Bitcoin Proposal urges the Fed to sell some gold reserves and…

46 minutes ago

Pennsylvania Proposes a Bitcoin Reserve to Recognize BTC’s Value

Pennsylvania proposes a Bitcoin Reserve, aiming to hold BTC as a state reserve asset to…

1 hour ago

For Those Who Missed Avalanche: Qubetics Best Crypto Presale at $0.0212 Offers a Second Chance to Profit Big

Let’s dive into why Qubetics might just be the investment to settle those Avalanche regrets.

2 hours ago

BlockDAG’s $30 by 2030 Price Predictions Are Sparking Excitement Among the Community—Will Toncoin & SUI Keep Up?

Discover how Toncoin's valuation, SUI's latest Google Cloud partnership, and BlockDAG's soaring presale frame the…

2 hours ago

Top 6 High-Quality Free Crypto Airdrops You Shouldn’t Miss

Free crypto airdrops are one of the ways to help users participate in the project…

2 hours ago

PancakeSwap Swap Bot Is Launched On Telegram To Convenient Trading

The PancakeSwap Swap Bot supports trading on PancakeSwap’s v2, v3, and stableswap protocols on the…

3 hours ago

This website uses cookies.