How will PBMs be used under Project Orchid Phase 1?
According to MAS (Schemes and Initiatives)
last revised 31 October 2022
Usage Patterns Table
This table examines how a person would use a PBM under different scenarios.
Phase 1 features four trials:
- Government Vouchers: At the 2022 Singapore FinTech Festival (SFF 2022), DBS Bank Ltd (DBS) and GovTech’s Open Government Products Division (OGP) will test the use of PBM for disbursements to selected individuals. Trial participants can use RedeemSG vouchers at participating food and beverage outlets, and merchants will directly receive the underlying digital SGD for the vouchers redeemed.
- Commercial Vouchers: Temasek, StraitsX and Grab will test the issuance of PBMs as commercial digital vouchers to participants at the Singapore Fintech Festival 2022. Trial participants can utilise the PBM vouchers through their preferred wallet applications to offset goods purchased.
- Government Payouts: OCBC Ltd (OCBC) and the Central Provident Fund Board (CPFB) will test the use of PBM for funds disbursement from government agencies, without requiring recipients to have a bank account. The trial will be conducted using a test disbursement scheme in a controlled environment with selected participants.
- Managing Learning Accounts: United Overseas Bank Ltd (UOB) and SkillsFuture Singapore (SSG) will test the use of PBM to enhance the current SSG Credit disbursement process, enabling SkillsFuture grants to automatically be released to participating training providers when eligibility conditions are met.
For a detailed look into the various use cases of PBMs, read MAS' Project Orchid Phase 1 Report.