Singapore Digital SGD (Project Orchid)
Monetary Authority of Singapore
Status
Architecture
Cross-Border Projects
Project Agorá
Role: participant
Project Guardian
Role: leader
Capabilities
Frequently Asked Questions
Does Singapore have a CBDC?
Yes, Singapore is developing Singapore Digital SGD (Project Orchid), currently in pilot phase.
What is the status of Singapore's CBDC?
Singapore Digital SGD (Project Orchid) is in pilot phase as of 2026-02-18. The pilot program is actively testing with real users.
When did Singapore launch its CBDC pilot?
No pilot launch date has been announced yet. The project is currently in pilot phase.
How many people use Singapore's CBDC?
User and wallet metrics are not publicly available at this time.
Is Singapore's CBDC retail or wholesale?
Singapore Digital SGD (Project Orchid) is a wholesale CBDC designed for interbank settlements and large-value transactions.
Which central bank manages Singapore Digital SGD (Project Orchid)?
Singapore Digital SGD (Project Orchid) is managed by Monetary Authority of Singapore.
Recent Developments
According to the Monetary Authority of Singapore (MAS), Project Orchid (launched 2021) explores programmable digital money and payments through Purpose Bound Money (PBM), a form of digital money with embedded rules to restrict usage for specific purposes. MAS released the Project Orchid Whitepaper in 2022, outlining supervisory expectations and good practices for programmable payments. A PBM Technical Whitepaper and Orchid Blueprint specify the technology and infrastructure for programmable money. 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 was launched in November 2024 for Project Guardian and Orchid participants to test wholesale CBDC. In 2025, MAS launched BLOOM to extend settlement capabilities using PBM and Orchid infrastructure. MAS prioritizes wholesale CBDC and tokenized deposits over retail CBDC, collaborating with BIS on Project Agorá and coordinating Project Guardian for institutional tokenization and cross-border settlement.
Updated: 2/18/2026