The Monetary Authority of Singapore (MAS) and Banque de France (BdF) announced the successful completion of a wholesale cross-border payment and settlement experiment using central bank digital currency (CBDC).
The experiment, supported by J.P. Morgan’s Onyx, simulated cross-border transactions involving multiple CBDCs (m-CBDC) on a common network between Singapore and France.
The regulators said in a joint statement that this is the first m-CBDC experiment that applied automated market making and liquidity management capabilities to reap cross-border payment and settlement efficiencies.
Cross border payments currently rely on correspondent bank arrangements that are subject to limited transparency on foreign exchange rates, restricted operating hours of payment infrastructures and currency settlement delays due to differences in time zones.
Monetary Authority of Singapore and Banque de France Announce CBDC Test on Payments and Settlements
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