Cryptocurrency

DBS launches programmable money live pilot for Singapore government vouchers

Zegex

Singapore multinational bank DBS has launched a pilot of purpose-built money-based vouchers in partnership with Open Government Products (OGP).

in the press on Monday releasebank leaders said the issuance of these vouchers will be done on the blockchain using tokenized Singapore dollars. is useful for

The announcement of the vouchers was revealed as part of the ongoing Project Orchid led by the country’s regulator, the Monetary Authority of Singapore (MAS), according to a statement. The agency reportedly aims to advance a technological mechanism for a programmable digital Singapore dollar.

Research into blockchain technology allows issuers to efficiently program and execute the distribution and use of vouchers to selected recipients. Meanwhile, DBS will issue a digital Singapore dollar. Meanwhile, Open Government Products, a government technical team, facilitates smart contract functionality.

1,000 customers and 6 merchants in pilot

DBS hinted that the pilot will cover about 1,000 consumers and six merchants and will run for four weeks.

“DBS believes a live pilot using Open Government Products will be useful in scenarios such as the Community Development Council Voucher Scheme, where Singaporean households receive CDC vouchers to help them cope with rising inflation and cost of living,” the statement said. is written.

It’s worth noting that limited-purpose money-based vouchers offer many benefits for small businesses and businesses with retail outlets. For example, these small businesses enjoy instant settlements, payments and collections with their banks every time a customer uses these vouchers.

This increases cash flow and saves time on backend administrative tasks. Previously, it usually took 1-2 days for the money to appear in the merchant’s account using existing methods.

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