The DBS pilot will involve 1,000 consumers and 6 merchants.
Singapore’s DBS Bank, a leading bank in Southeast Asia, has launched the country’s first Singapore dollar (SGD)-based programmable currency pilot for real-world transactions.
In October 2022 In an announcement on Monday 31st, DBS said it would be trialling purposeful currency-based vouchers with the Open Government Product (OGP).
PBM cash The vouchers, according to the banking giant, will use tokenized Singapore dollars to conduct real-world programmable money transactions with merchants.
DBS Bank Pilot Part of the Digital Singapore Dollar Project
The pilot program is Project Orchid
, which aims to develop the technological infrastructure critical to the launch of the Programmable Digital Singapore Dollar (DSGD).
Singapore Finance Authority (MAS) Leader Project Orchid
Projects that will combine governments and key payments and financial industry players.
star Shee Tse Koon, Country Head of Development Bank Singapore, said the pilot demonstrated the feasibility of programmable money and its potential benefits to payment systems – including increased efficiency, trust and inclusion.
“ This solution can help businesses and NGOs step into the future of money. “Money with a purpose” will be hugely transformative, especially when governments , businesses and individuals come together to use digital currencies on the internet for a fully transparent and efficient global payment financial infrastructure ,” Koon added road.
Trade use Blockchain, DSGD issued by DBS Bank is used to create PBM vouchers. The plan also relies on OGP-backed smart contract functionality, allowing issuance to designated recipients and self-executing distributions.
The success of the pilot can be seen to the benefit of thousands of small businesses using tokenized SGD. DBS believes more than 28,000 coffee shops, hawker centres and restaurants in Singapore will benefit.
Pilot in October 2022 Launched on March 27, it will involve 6 merchants and up to 1,000 consumers. DBS expects the trial to run for four weeks.
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