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Singapore’s DBS Bank trials use of digital SingDollar with vouchers

DBS Bank, the largest lender in Southeast Asia, will pilot purpose-bound money-based (PBM) vouchers using tokenized Singapore dollars to facilitate live transactions with selected merchants, in collaboration with the Singapore government’s Open Government Products (OGP).

See related article: Singapore’s MAS says needs to do better job explaining crypto policy

Fast facts

  • This is part of Project Orchid, led by the Monetary Authority of Singapore (MAS), to develop the technology infrastructure for a programmable digital Singapore dollar (DSGD).
  • PBM vouchers will be created with digital SGD issued by DBS, with smart contract capabilities enabled by OGP, the lender said in a statement on Monday.
  • Starting the pilot with the food and beverage industry in Singapore, DBS said that with PBM vouchers, merchants will be paid instantly.
  • The pilot would include about 1,000 consumers and six merchants, including Nanyang Old Coffee, Sarnies, Pickleville, The Working Class and The Three Anchovies in the central business district for four weeks starting on Oct. 27.
  • DBS said that in future programmable money will also be useful in the area of purpose-bound donations, sustainability financing, and in conveyancing payments in property transactions.
  • DBS and OGP have also contributed to a MAS-led industry white paper that introduces the concept of purpose-bound money and the potential benefits of programmable digital currency through various use cases.

See related article: Singapore eyes blockchain-based payment systems for faster cross-border transactions

   

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