FINANCIAL SERVICES
Generative artificial intelligence (AI) and central bank digital currencies (CBDCs) may be central features of domestic transactions in 2024, industry experts and regulatory authorities featured in the eighth edition of the Singapore FinTech Festival (SFF).
The 2023 iteration of SFF placed generative AI as its central theme, and banks, financial institutions, startups, and technology companies showcased their latest developments during the three-day event held, drawing a record 66,000 participants from across 115 countries. Over 2,400 were government and regulatory attendees across 530 central banks, regulatory institutions, and government organisations.
CBDCs and stablecoins
In his annual address, the Monetary Authority of Singapore’s (MAS) managing director, Ravi Menon, revealed the country’s plans to pilot CBDC use in 2024 for wholesale transaction purposes.
During the pilot, wholesale CBDCs will be used for domestic payments. Banks will issue tokenised bank liabilities through the form of claims in balance sheets. Retail customers can then use the tokenised bank liabilities in transactions with merchants, who will then credit these with the participating banks.
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