Singapore: Announced joint project between NY Federal Bank and Monetary Authority of Singapore on Central Bank Digital Currency

On 11 November 2022, the New York Innovation Center (NYIC) of the Federal Reserve Bank of New York and the Monetary Authority of Singapore (MAS) announced a joint project on central bank digital currency (CBDC) called “Project Cedar Phase II x Ubin+”. The project will explore the potential efficiencies of using wholesale CBDC for cross-border payment and is expected to help build capabilities for an open and interoperable financial infrastructure.