Monetary Authority of Singapore: No retailer among digital banking companies has reported at this stage.

Meng Wenneng, head of the Monetary Authority of Singapore (MAS), said Singapore has yet to announce a retail market amid digital currency banking at this stage. The Chairman of the Monetary Authority of Singapore, Meng Weneng, spoke in his speech on "The Future of Finance, Finance and the Internet" at the "Singapore Fintech Festival" on November 9, 2021. No immediate and risky needs. The digital currency exchange for Singapore currency is very small, so real money has been around for quite some time.

Most Singaporeans have a bank account, and electronic payments are also plentiful. Although Central Bank Digital Currency (CBDC) retailers are not announced at this stage, new solutions for CBDCs may further increase their ability to trade in the future. Launch the Orchid project to develop cutting-edge technology and the ability to deliver digital funds from Singapore in the future.

Director Meng Wenneng pointed out that the CBDC retail market announcement will ultimately not have a positive impact on consumption, as it will turn into a cashless community where all money on a bank statement, not financially but in terms of health and finances. Financial policy. The question is whether the public is ready to hold a bank account only, and whether there is a demand to put it in digital form, even if state-owned securities are safe as green money.

Retail CBDCs can pose significant financial and financial security risks, and in a crisis, people can turn their deposits into risk-free bank accounts with the click of a button, leading to “decentralization” of banks. Although, under normal circumstances, people hold a large portion of their deposits in Singapore digital funds with the Monetary Authority of Singapore, the bank lending rate will be reduced.

For cryptocurrencies, the Singapore Monetary Authority prefers to use a more accurate name than "crypto token". Meng Wenneng believes that while the potential use of crypto tokens is to enable cheaper and faster cross-border payments and financial transactions, the value of crypto tokens should be supported by providing stable and reliable support to be considered effective.

Stablecoins try to combine the reliability of fiat profits with the advantages of blockchain, but if the fundamental problems of fixed funds work, the risk can spread to the entire financial market and affect financial security. To support fintech financial and operational improvement, MAS also announced three upgrades to the fintech management sandbox, which began in 2016 and strictly in 2019, starting January 1, 2022.

First, the office develops the necessary standards, and early adopters of the technology can participate in sandbox management that is not just for pioneers. At the same time, those who meet the criteria are eligible for a grant of up to 500,000 stars.