Odaily News According to official news, the Monetary Authority of Singapore announced that it intends to promote regulated and trusted tokenized currency forms as common settlement assets to reduce settlement risks and market differentiation. It is currently promoting financial institutions to obtain common settlement assets including the Singapore dollar wholesale central bank digital currency (CBDC). The initial test network SGD Testnet features include settlement tools, programmability and interoperability. The test network SGD Testnet will be open to eligible financial institutions in Project Guardian and Project Orchid. The first batch of participating financial institutions include DBS Bank, OCBC Bank, Standard Chartered Bank and United Overseas Bank. Participating use cases include payment and securities settlement.