What are the next steps for Project Orchid?
The first phase of Project Orchid brought together different stakeholders in Singapore through a common initiative to understand the potential opportunities and drawbacks of introducing a programmable digital SGD. The project also introduced a new concept, the idea of PBM and its application in Singapore.
In subsequent phases, Project Orchid will engage with a broader set of stakeholders and investigate a greater set of capabilities. Future research areas include the integration of a common QR code system, the fungibility of digital currencies amongst different issuers, transactional privacy, offline payments, digital wallet integration, and future trials where individuals could have options to define conditions for transfers and be PBM Creators in effect.
Developments in digital currency are rapidly evolving, consequently there may be further enhancements and innovations that might not have been identified. Nevertheless, MAS envisions that the efforts from the initial phase of Project Orchid would serve as the foundation for developing a financial infrastructure capable of meeting the current and future needs of corporates, merchants, financial institutions, FinTechs and the public at large.