Singapore Digital SGD (Project Orchid)

According to the Monetary Authority of Singapore (MAS), Project Orchid has successfully conducted more than 10 trials exploring programmable digital money through Purpose Bound Money (PBM), a form of digital money with embedded rules to restrict usage for specific purposes. In November 2024, MAS announced four additional trials involving OCBC Bank, UOB, Ant International, and Grab, building on four foundational building blocks: settlement ledger, tokenisation bridge, programmability protocol, and name service. The SGD Testnet launched in November 2024 provides eligible participants with access to Singapore dollar-denominated wholesale CBDC for market testing. On October 16, 2025, MAS launched the BLOOM Initiative to extend settlement capabilities for tokenized bank liabilities and stablecoins, building on Project Orchid's trials. On November 13, 2025, MAS announced the successful completion of a live trial for settlement of interbank overnight lending transactions using wholesale CBDC on the SGD Testnet, involving DBS, OCBC, and UOB as participating financial institutions. This marked the first live issuance of Singapore dollar wholesale CBDC with transactions recorded in the banks' official books. Partior, Singapore's wholesale payments platform emerging from Project Ubin, achieved SOC 2 Type 1 certification and processed over USD 1 billion in transaction value in November 2024. Partior enables 24/7 atomic settlement across multiple assets, facilitating Payment versus Payment (PvP) for FX transactions and Delivery versus Payment (DvP) for securities settlement. Project Guardian, launched in 2022, has expanded to over 40 financial institutions and regulators, focusing on tokenized fixed income, funds, and FX settlement. In November 2025, Project Guardian published an Operational Guide for tokenized Funds. MAS also launched Global Layer 1 (GL1) in June 2024, a shared-ledger initiative exploring infrastructure standards for tokenized assets at scale. MAS prioritizes wholesale CBDC and tokenized deposits over retail CBDC, collaborating with the Deutsche Bundesbank (MoU signed November 2025) on cross-border digital asset settlement.

Updated: Mar 3, 2026