Two, develop standards to support the atomic settlement of currency transactions across platforms using distributed ledger technology and non-DLT based platforms. Three, establish policy guidelines for the connectivity of digital currency infrastructure across borders, for better access and participation. Through Ubin+, MAS will also collaborate with international partners to explore a broader range of atomic settlement solutions. MAS is working with the central banks of France and Switzerland and the BIS Innovation Hub to explore the exchange and settlement of wholesale CBDCs with an automated market maker. An automated market maker will enable the exchange and settlement of two or more digital assets to be performed automatically with a smart contract. MAS is also partnering SWIFT to explore different interoperability models, to enable instant cross-border payment and settlement across DLT-based systems and existing payment infrastructures. 4/11  BIS - Central bankers' speeches  RESHAPING LIKE FIRE - PROGRAMMABLE MONEY (PROJECT ORCHID) The third desired outcome is programmable money. Money today exists in two forms: physical cash in the form of central bank issued notes and coins; and digital money in the form of deposits with commercial banks. Digital money accounts for 92% of money supply in Singapore and has been designed efficiently and elegantly to suit our large variety of daily needs. Payment to merchants, account-to-account transfers, setting up timed or regular payments, can all be made with just a few taps on your mobile phone today. So what is the problem with money that we are trying to solve? Money today is not programmable.

3/11  BIS - Central bankers' speeches  It eliminates settlement risk, duplicative reconciliation, and the need for large prefunding accounts. It has benefits not only for retail payments but also cross-currency and securities transactions. One of the most promising ways to achieve atomic settlement is through tokenised assets which can be exchanged simultaneously on a distributed ledger. This is what MAS has been experimenting with since 2016 through Project Ubin. Project Ubin demonstrated three things: banks paying one another without going through MAS; decentralised netting of payments while preserving transactional privacy; and final settlement and delivery-vs-payment by tokenising digital currencies and securities assets so that they could be simultaneously exchanged. The success of Project Ubin paved the way for further collaborations and progress. Partior – a joint venture among DBS Bank, JP Morgan, and Temasek – has used a blockchain based multi-currency clearing and settlement platform to reduce the settlement time for Singapore dollar and US dollar transactions from days to minutes. Project Dunbar – a partnership among the BIS Innovation Hub, Reserve Bank of Australia, Bank Negara Malaysia, South Africa Reserve Bank, and MAS – has built open-source distributed ledger platforms for international settlements using wholesale central bank digital currencies, or CBDCs. MAS will be launching Project Ubin+, a global initiative on the cross-border exchange and settlement of foreign currency transactions using wholesale CBDCs. It will focus on three areas: One, study business models and governance structures where settlement can be performed atomically, to improve efficiencies and reduce risks.