MAS Projects

Industry Initiatives

Project Guardian

Initiative Name	Project Guardian
Organization	Monetary Authority of Singapore (MAS)
Type	Lab
Description	A framework for designing open and interoperable digital asset networks based on tokenised real-economy assets and financial assets.
Ecosystem	Agnostic
Public Participants	MAS DBS Bank HSBC Marketnode JPMorgan Chase & Co SBI Digital Asset Holdings United Overseas Bank Standard Chartered BIS
Link	https://www.mas.gov.sg/-/media/mas-media-library/development/fintech/project-guardian/project-guardian-open-interoperable-network.pdf

Project Orchid

multiple Purpose Bound Money (PBM) trials under Project Orchid

Initiative Name	Project Orchid
Organization	Monetary Authority of Singapore (MAS)
Type	Lab
Description	A multi-year, multi-phase exploratory project examining the various design and technical aspects pertinent to a retail CBDC system for Singapore, from its functionalities to its interaction with existing payment infrastructures. Though MAS has assessed that there is no urgent need for a retail CBDC in Singapore at this point in time, MAS seeks to facilitate ongoing learning and advance the financial infrastructure in Singapore. Rather than building a CBDC ledger first, the project has taken a user-driven approach instead. The first phase of the project aims to uncover potential use cases for a programmable digital SGD and the infrastructure required. Subsequent phases of Project Orchid will investigate the optimal ledger technology to build out a CBDC as well as its integration to the existing financial market infrastructure.
Ecosystem	Agnostic
Public Participants	Monetary Authority of Singapore DBS Bank Fazz Grab NETS OCBC Bank Temasek United Overseas Bank Open Government Products
Link	https://www.mas.gov.sg/schemes-and-initiatives/project-orchid and https://www.mas.gov.sg/-/media/mas-media-library/development/fintech/project-orchid/mas-project-orchid-report.pdf

Project Cedar

Initiative Name	Project Cedar Phase II x Ubin+
Organization	New York Innovation Center (NYIC) + Monetary Authority of Singapore (MAS)
Type	Lab
Description	Cedar x Ubin+ explores the interlinking of distinct central bank currency ledgers via hashed timelock contracts (HTLCs). HTLCs are time-bound smart contracts that act as bridges between ledgers based on distinct technologies, allowing for atomic settlement of digital assets that are maintained on different ledgers and/or are operated by distinct parties. To test the viability of this model, the use case considered an end-to-end payment chain consisting only of settlement in central bank money in the form of wholesale CBDCs. Commercial banks maintaining accounts with multiple central banks act as intermediaries to facilitate atomic settlement across an end-to-end payment chain for an illiquid currency corridor.
Ecosystem	Agnostic
Public Participants	New York Innovation Center (NYIC) Monetary Authority of Singapore (MAS)
Link	https://resources.newyorkfed.org/aboutthefed/nyic/project-cedar

Project Ubin

Initiative Name	Project Ubin
Organization	Monetary Authority of Singapore (MAS)
Type	Lab
Description	Phase2: Interbank Real-Time Gross Settlement System Using Phase 3: Delivery versus Payment (DvP). Delivery versus Payment (DvP) capabilities for settlement of tokenised assets across different blockchain platforms. This will allow financial institutions and corporate investors to carry out simultaneous exchange and final settlement of tokenised digital currencies and securities assets, improving operational efficiency and reducing settlement risks.
Ecosystem	Agnostic
Public Participants	MAS Singapore Exchange (SGX) Anquan Deloitte Nasdaq Accenture
Link	https://www.mas.gov.sg/publications/monographs-or-information-paper/2021/project-ubin-phase-3 and https://www.mas.gov.sg/-/media/MAS/ProjectUbin/Project-Ubin-Phase-2-Reimagining-RTGS.pdf