The three initiatives for digital money in Singapore:

A plan to issue a "live" central bank digital currency (CBDC) for wholesale settlement;

A blueprint detailing the infrastructure needed for a digital Singapore dollar, and

An expansion of digital money experiments

Wholesale CBDCs, tokenised bank liabilities, and regulated stablecoins are the three types of digital currency that MAS is pushing.

MAS released the Orchid Blueprint, which lays out the technological framework that would eventually be needed to support digital currency transactions.

Drawing from the industry trials of Project Orchid, the plan specifies the following infrastructure building blocks to support the responsible usage of digital money in Singapore:

Settlement ledger – to keep track of digital money transfers, with features like native programmability and atomic settlement of digital tokens;

Tokenisation bridge – to connect existing account-based settlement systems with ledgers compatible with tokenised forms of digital money;

Programmability protocol – to use Purpose Bound Money (PBM) as a common protocol to establish the conditions for the use of digital money, and

Name Service – to translate between unwieldy wallet addresses and alternative name identifiers that are readable and meaningful for verification.

MAS plans to extend Project Orchid's digital money experiments in order to evaluate the wider applicability of PBM and digital money in Singapore.