BT Future of Finance: Purpose-bound money and CBDCs - what it means for you (Ep 7)

Wholesale CBDCs are a more efficient way to make cross border payments, less painless, less cumbersome, more real-time, according to Janet Young from UOB. PHOTO: UOB

Published Mon, Dec 11, 2023 · 05:00 AM

How much do you know about CBDCs and how it’ll affect you? This digital form of money which is available to the general public and a liability of the central bank gives you broad access to digital money that is free from credit risk and liquidity risk.

Howie Lim gets insights from Janet Young, managing director and head, group channels and digitalisation, strategic communications and brand at UOB.

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This episode of Future of Finance podcast is presented by UOB.

Highlights:

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01:14 MAS’ Project Orchid

02:35 UOB’s involvement and purpose-bound money

04:59 Local banks and Orchid Pilots

In South-east Asia, more consumers seeking unique experiences rather than material items

The rising middle class in ASEAN makes it attractive for SMEs to leverage the huge consumer market, according to Jimmy Koh from UOB.

BT Future of Finance: How to take advantage of emerging shifts and trade patterns (Ep 6)

Supporters say CBDCs will modernise payments with new functionality and provide an alternative to physical cash, which seems in terminal decline.

Time for central bank digital currencies to prove their worth

A tea stall in Dehradun that accepts mobile payment. Countries such as India have shown that it is possible to provide residents with a unique digital identifier, mandate the banks to provide low-cost, no-frills accounts, and install a system to facilitate interbank transactions through mobile phones.

CBDCs still have not found their raison d’etre

07:14 The evolution of tech stacks

09:35 Whole CBDC; future of money

10:50 What it all means for consumers

More about:

UOB

UOB Innovations

UOB: Corporate & Institutional Banking

Written, hosted and edited by Howie Lim (howielim@sph.com.sg)

With Janet Young, managing director and head, group channels and digitalisation, strategic communications and brand at UOB.

Engineered by: Joann Chai Pei Chieh

Executive producer: Claressa Monteiro

A podcast by BT Podcasts, The Business Times, SPH Media

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Branded Podcasts The Future of Finance Central Bank Digital Currencies (CBDCs)Banks Central banks Monetary Authority of Singapore Digital currencies

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