Fazz financial group’s StraitsX and Grab are testing the issuance of Purpose Bound Money (PBM) with 5,000 trial participants during Singapore Fintech Festival (SFF) as one of four trials under MAS’ Project Orchid.
Participants will be able to utilise PBM in the form of commercial digital vouchers at selected F&B outlets through their preferred blockchain e-wallet application during the festival.
This involves accepting StraitsX’s XSGD on the Polygon chain and reflecting the Singapore-dollar pegged stablecoin as SGD in the participating merchants’ GrabPay accounts.
GrabPay is also the main merchant payments processor for the PBM pilot at SFF this year — paying out SGD to participating merchants and removing the need for merchants to reconcile two accounting systems.
“Building on the work StraitsX has done with the Singapore dollar stablecoin, XSGD, the issuance of PBMs further demonstrates how blockchain technology and stablecoins can be applied in real-world scenarios,”
said Liu Tianwei, Deputy CEO of Fazz.
“This pilot with StraitsX and the MAS is a great opportunity for us to test how the technology can be used to benefit the everyday user,”
said Wong Wenbin, Head of GrabFin Singapore.
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