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Singapore’s MAS proposes universal protocol for digital money

The Monetary Authority of Singapore (MAS), in collaboration with the IMF, Banca d’Italia, and Bank of Korea, has proposed a common protocol for digital money use, including central bank digital currencies and stablecoins. The whitepaper, supported by software prototypes, introduces the concept of Purpose Bound Money (PBM) for transfers across different systems with specified conditions. PBM trials will be launched with giants such as Amazon, Grab, and DBS for online commerce and programmable rewards scenarios. The PBM protocol can operate with different ledger technologies and forms of money, enabling wallet-provider flexibility. Sopnendu Mohanty, Chief FinTech Officer, MAS, emphasised how such collaboration advances the possibilities for digital money in the future financial landscape.


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