# MAS Projects

## 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** | <p>MAS</p><p>DBS Bank</p><p>HSBC</p><p>Marketnode</p><p>JPMorgan Chase & Co</p><p>SBI Digital Asset Holdings</p><p>United Overseas Bank</p><p>Standard Chartered</p><p>BIS</p> |
| **Link**                | <https://www.mas.gov.sg/-/media/mas-media-library/development/fintech/project-guardian/project-guardian-open-interoperable-network.pdf>                                        |

<br>

## Project Orchid

multiple Purpose Bound Money (PBM) trials under Project Orchid

<table data-header-hidden><thead><tr><th width="230"></th><th></th></tr></thead><tbody><tr><td><strong>Initiative Name</strong></td><td>Project Orchid</td></tr><tr><td><strong>Organization</strong></td><td>Monetary Authority of Singapore (MAS)</td></tr><tr><td><strong>Type</strong></td><td>Lab</td></tr><tr><td><strong>Description</strong></td><td>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.</td></tr><tr><td><strong>Ecosystem</strong></td><td>Agnostic</td></tr><tr><td><strong>Public Participants</strong></td><td><p>Monetary Authority of Singapore </p><p>DBS Bank </p><p>Fazz Grab </p><p>NETS </p><p>OCBC Bank </p><p>Temasek </p><p>United Overseas Bank </p><p>Open Government Products</p></td></tr><tr><td><strong>Link</strong></td><td><a href="https://www.mas.gov.sg/schemes-and-initiatives/project-orchid">https://www.mas.gov.sg/schemes-and-initiatives/project-orchid</a>   and <a href="https://www.mas.gov.sg/-/media/mas-media-library/development/fintech/project-orchid/mas-project-orchid-report.pdf">https://www.mas.gov.sg/-/media/mas-media-library/development/fintech/project-orchid/mas-project-orchid-report.pdf</a></td></tr></tbody></table>

<br>

## Project Cedar

<table><thead><tr><th width="217.33333333333331"></th><th></th></tr></thead><tbody><tr><td><strong>Initiative Name</strong></td><td>Project Cedar Phase II x Ubin+</td></tr><tr><td><strong>Organization</strong></td><td>New York Innovation Center (NYIC) + Monetary Authority of Singapore (MAS)</td></tr><tr><td><strong>Type</strong></td><td>Lab</td></tr><tr><td><strong>Description</strong></td><td><p>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.</p><p>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.</p></td></tr><tr><td><strong>Ecosystem</strong></td><td>Agnostic</td></tr><tr><td><strong>Public Participants</strong></td><td><p>New York Innovation Center (NYIC)</p><p>Monetary Authority of Singapore (MAS)</p></td></tr><tr><td><strong>Link</strong></td><td><a href="https://resources.newyorkfed.org/aboutthefed/nyic/project-cedar">https://resources.newyorkfed.org/aboutthefed/nyic/project-cedar</a></td></tr></tbody></table>

## Project Ubin

<table><thead><tr><th width="236"></th><th></th></tr></thead><tbody><tr><td><strong>Initiative Name</strong></td><td>Project Ubin </td></tr><tr><td><strong>Organization</strong></td><td>Monetary Authority of Singapore (MAS)</td></tr><tr><td><strong>Type</strong></td><td>Lab</td></tr><tr><td><strong>Description</strong></td><td><p>Phase2: Interbank Real-Time Gross Settlement System Using</p><p></p><p>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.</p></td></tr><tr><td><strong>Ecosystem</strong></td><td>Agnostic</td></tr><tr><td><strong>Public Participants</strong></td><td><p>MAS </p><p>Singapore Exchange (SGX) </p><p>Anquan </p><p>Deloitte </p><p>Nasdaq </p><p>Accenture</p></td></tr><tr><td><strong>Link</strong></td><td><a href="https://www.mas.gov.sg/publications/monographs-or-information-paper/2021/project-ubin-phase-3">https://www.mas.gov.sg/publications/monographs-or-information-paper/2021/project-ubin-phase-3</a> and <a href="https://www.mas.gov.sg/-/media/MAS/ProjectUbin/Project-Ubin-Phase-2-Reimagining-RTGS.pdf">https://www.mas.gov.sg/-/media/MAS/ProjectUbin/Project-Ubin-Phase-2-Reimagining-RTGS.pdf</a></td></tr></tbody></table>


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