The Monetary Authority of Singapore (MAS) will trial a wholesale central bank digital currency (CBDC) with local banks in a live setting next year, as part of its efforts to explore a greater use of digital money.

In a statement released today (November 16), the central bank said the first pilot will involve the use of a “live” wholesale CBDC for settling domestic payments between commercial banks. Future pilots could involve using a live wholesale CBDC for settling cross-border securities