According to official news, the Monetary Authority of Singapore (MAS) announced plans to promote regulated and trusted tokenized forms of currency as common settlement assets, thereby reducing settlement risks and market fragmentation. It is currently facilitating financial institutions to obtain common settlement assets, including the Singapore Dollar wholesale Central Bank Digital Currency (CBDC). The initial test network SGD Testnet features settlement tools, programmability, and interoperability.

The test network SGD Testnet will be open to eligible financial institutions in Project Guardian and Project Orchid, with the first participating financial institutions including DBS Bank, OCBC Bank, Standard Chartered Bank, and UOB. Use cases include payments and securities settlement.