The Monetary Authority of Singapore (MAS) plans to open the wholesale CBDC test network SGD Testnet to financial institutions such as Standard Chartered and DBS.

The Monetary Authority of Singapore (MAS) has announced plans to promote regulated and trustworthy tokenized forms of currency as common settlement assets, thereby reducing settlement risks and market fragmentation. MAS is facilitating financial institutions' access to common settlement assets, including the Singapore dollar wholesale Central Bank Digital Currency (CBDC). The initial testing network, SGD Testnet, will be open to eligible financial institutions, with use cases including payments and securities settlement.