ARTICLE · 20 DECEMBER 2021

MAS Assesses Economic Case For Retail CBDC

Linklaters

Explore more from Linklaters

Accordingly, MAS' strategic approach towards a retail CBDC for Singapore acknowledges the dynamic nature of the payment landscape.

SingaporeFinance and Banking

Peiying Chua Heikes

The Monetary Authority of Singapore ("MAS") has published a paper setting out its initial assessment of the economic case for a retail Central Bank Digital Currency ("CBDC") in Singapore and its potential implications for financial stability and monetary policy.

The paper makes two main related inferences:

First, a review of the literature and assessment of the current payment landscape do not suggest strong economic motivations for, nor intractable monetary and financial stability considerations against, a retail CBDC in Singapore.
Second, emerging digital complementarities and global competitive forces could shape a future monetary arrangement that includes the possibility of a digital form of the Singapore dollar issued by MAS for general use.

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

Related Articles

Singapore Business Updates | 2Q 2026

SingaporeFinance and Banking

Southeast Asia: Navigating Growth Capital In A Changing Market

SingaporeFinance and Banking

Singapore Streamlines Framework For Single Family Offices

SingaporeFinance and Banking

The Sovereign Group

Key W&I Insurance Trends: Why They Matter In Asia Secondaries

SingaporeFinance and Banking

Herbert Smith Freehills Kramer LLP

SGX Mainboard & Catalist Public Companies Report L H1 2026

SingaporeFinance and Banking

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Related Comparative Guides

Comparative Guide

Acquisition Finance

Comparative Guide

Securitisation

Comparative Guide

Capital Markets

Comparative Guide

Alternative Investment Funds

See more popular content from

Finance and Banking

SGX Mainboard & Catalist Public Companies Report L H1 2026

Singapore's capital markets are experiencing a significant transformation driven by the MAS-led Equity Market Development Programme, which has injected S$6.5 billion in liquidity and sparked a revival in IPO activity. With over 20 companies preparing to go public and new cross-border listing infrastructure connecting SGX with Nasdaq, the market is showing signs of meaningful structural reform and growing institutional confidence.

SingaporeFinance and Banking

SGX RegCo Publishes Cyber Incident Response Guide For SGX-Listed Companies

In October 2022, the Singapore Exchange Regulation ("SGX RegCo") published the Cyber Incident Response Guide ("Guide") to provide guidance on the best practices which are pertinent...

SingaporeFinance and Banking

SGX-ST reprimand subjected to judicial review

This case affirms that certain acts of the Singapore Exchange Securities Trading Limited are subject to judicial review.

SingaporeFinance and Banking

Monetary Authority Of Singapore Rolls Out New Guidelines For Digital Advertising: Key Compliance For Financial Institutions

On 25th September 2025, the Monetary Authority of Singapore (MAS) rolled out guidelines on Standards of Conduct for Digital Advertising Activities (" Guidelines") slated to gain effect from 25th March 2026.

SingaporeFinance and Banking

Lexplosion Solutions Private Limited

Stablecoin Regulatory Framework

Stablecoins that do not meet these criteria, such as those pegged to non-G10 currencies or multi-currency baskets, fall outside the scope of this framework.

SingaporeFinance and Banking

MAS Proposes Changes To Payments Regulatory Framework And Establishment Of A National Payments Council

On 25 August 2016, the Monetary Authority of Singapore issued a consultation paper proposing changes to streamline the regulatory framework and governance model for Singapore's payments and remittance landscape.

SingaporeFinance and Banking

Shook Lin & Bok

Milbank Advises AG&P On US$100M Investment From Osaka Gas And JBIC

Milbank LLP advised Singapore-based AGP International Holdings Pte. Ltd. ("AG&P") on its sale of a 20 percent minority stake to Osaka Gas Co. Ltd.

GlobalFinance and Banking

MAS Proposal On Robo-Advisers

Back-testing and gap analysis should also be performed whenever any changes are made to the client-facing tool.

SingaporeFinance and Banking

Shook Lin & Bok

Singapore Is One Of The Leading Funds And Asset Management Jurisdictions In Asia, Not Only For Singaporean Wealth But For The Wealth Of Greater Asia.

Whilst Singapore has long been a location of choice for fund managers to physically base themselves, jurisdictions like Cayman Islands have traditionally been used to house the fund structure itself.

SingaporeFinance and Banking

The Sovereign Group

Singapore Streamlines Framework For Single Family Offices

The Monetary Authority of Singapore (MAS) announced that the revised framework for Single Family Offices (SFOs), which provides a simple, streamlined process for SFOs to establish operations in Singapore, was brought into force on 15 June. The revised framework creates a straight through class exemption from licensing for all qualifying SFOs operating in Singapore, regardless of structure. SFOs that meet the requirements need only notify MAS of their operations and maintain an account with a MAS-licensed bank. They also have to file an annual return with information on the total assets under management and the name of their bank.

SingaporeFinance and Banking

The Sovereign Group