Monetary Authority of Singapore completes live trial settling interbank overnight lending with wholesale CBDC on the SGD Testnet

The Monetary Authority of Singapore (MAS) announced the successful completion of a live trial to settle interbank overnight lending transactions using wholesale central bank digital currency (CBDC) on the Singapore Dollar Test Network (SGD Testnet). The trial involved DBS, OCBC and UOB, and included the first live issuance of SGD wholesale CBDC, with transactions recorded in the participating banks’ official books and regulatory filings. SGD Testnet is an operational shared ledger infrastructure that enables financial institutions to test settlement of tokenised financial assets using wholesale CBDC. It supports issuance, transfer and redemption of SGD wholesale CBDC as a common settlement asset, programmability to embed conditional logic tied to counterparty agreements for real-time execution of contractual terms, and atomic settlement of both cash and securities to avoid timing mismatches between legs of a transaction. MAS plans to build on the pilot with a future trial to issue tokenised MAS Bills to Primary Dealers, to be settled using CBDC. Further details of that trial are expected to be shared in 2026.