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Multiple Central Bank Digital Currencies in Singapore

The Bank for International Settlements (BIS) Innovation Hub, the Reserve Bank of Australia, Bank Negara Malaysia, the Singapore Monetary Authority and the South African Reserve Bank announced prototypes for a common platform enabling international settlements using multiple central banks digital currencies have been completed (mCBDCs).

Project Dunbar, led by the Singapore Center of Innovation Hub, has proven this is economically feasible. Financial institutions can trade directly using the CBDC issued by the participating central banks. Each other on a common platform. This will reduce your reliance on intermediaries. Therefore, the cost and time required to settle cross-border transactions. The project consisted of three work lines. One focuses on the high level. Functional requirements and design, and two technical flows developed at the same time Prototypes of various technology platforms (Corda and Partior).

Three key questions emerged from the project: whose entities should be permitted to possess and interact with CBDCs issued on the platform? How can the flow of cross-border payments be made more efficient while yet respecting regulatory distinctions between countries? What governance mechanisms could provide countries with the confidence they need to share key national infrastructure like a payments system?

The project presented realistic answers to these problems, which were proven through the creation of prototypes that demonstrated the technical viability of shared multi-CBDC platforms for international settlements.

The most efficient model for payments connectivity is a shared platform, but it is also the most difficult to establish.” Project Dunbar demonstrated how governance procedures enforced by solid technology means may address important concerns of trust and shared control, setting the groundwork for the establishment of future global and regional platforms.

Project Dunbar has given us invaluable insight into the prospects and challenges of building a shared platform for different CBDCs to improve cross-border payments. Allowing businesses to directly hold and transact in CBDCs from various jurisdictions could decrease the need for intermediaries in cross-border payments, but it would have to be done in a way that ensured the security and resilience of these transactions. While there is certainly more work to be done in terms of considering the viability and design of multi-CBDC platforms, Project Dunbar’s findings give a sound foundation for future research in this area.

The successful completion of Project Dunbar has produced meaningful insights on how a multi-CBDC platform could potentially tackle cross-border payment difficulties space. The project exemplifies the importance of central bank cooperation in fostering economic growth. Next-generation payment infrastructures are being developed.

Project Dunbar is a significant step forward in improving the efficiency of cross-border payments around the world. The groundwork for establishing future-ready payment rails has been laid by the strong collaboration between participating central banks, commercial banks, and technology solution suppliers.

As reported by OpenGov Asia, Central Provident Fund (CPF) Board in collaboration with a Singapore Bank and GovTech, has launched the GovCash to replace cheque issuance for Singaporeans who are unable to use direct bank crediting – so they can receive Government payments1 more quickly and conveniently. Up to 40,000 Singaporeans will be spared from queueing at bank branches to encash some 500,000 cheques annually.

GovCash is designed to be simple and intuitive to use. Singaporeans can withdraw the Government payments in cash starting with over 500 bank ATMs located across Singapore. GovCash is no less secure than receiving payments via cheque. It has adopted the Singpass facial verification technology to authenticate users, including a liveness-detection capability that blocks the use of photographs, videos or masks during the verification process. Singaporeans do not need to have a bank account to use the GovCash service.


CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.


Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.


SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.


HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 


IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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