Media Advisory

New York Fed and Monetary Authority of Singapore to Release Project Cedar Phase II x Ubin+ Research Report

May 15, 2023

NEW YORK, SINGAPORE — The Federal Reserve Bank of New York’s New York Innovation Center (NYIC) and the Monetary Authority of Singapore (MAS) will issue a research report detailing the experiment and findings of Project Cedar Phase II x Ubin+ on Thursday, May 18, 2023 at 8:00 PM EDT / Friday, May 19 8:00 AM SGT.

Project Cedar Phase II x Ubin+ is a joint experiment that examined whether distributed ledger technology (DLT) could be used to improve the efficiency of cross-border payments and settlements involving multiple currencies.

Project Cedar is a multi-phase research effort exploring opportunities to improve the efficiency of wholesale cross-border payments using DLT. Phase I of Project Cedar demonstrated the potential for DLT to improve the speed and efficiency of cross-border payments.

Press Call
The NYIC and MAS will host an educational deep background call for journalists on Thursday, May 18, 2023 at 7:00 PM EDT / Friday, May 19 7:00 AM SGT to provide an overview of the research. Journalists interested in participating should RSVP to Ms Theng Xiu Si at

About the New York Innovation Center
As part of the Federal Reserve Bank of New York, the New York Innovation Center (NYIC) bridges the worlds of finance, technology, and innovation. Launched in 2021 and established in partnership with the Bank for International Settlements Innovation Hub, the NYIC generates insights into high-value central bank-related opportunities through technical research, experimentation, and prototyping, to drive advancements in central banking and enhance the functioning of the global financial system.

About the Monetary Authority of Singapore
The Monetary Authority of Singapore (MAS) is Singapore’s central bank and integrated financial regulator. As a central bank, MAS promotes sustained, non-inflationary economic growth through the conduct of monetary policy and close macroeconomic surveillance and analysis. It manages Singapore’s exchange rate, official foreign reserves, and liquidity in the banking sector. As an integrated financial supervisor, MAS fosters a sound financial services sector through its prudential oversight of all financial institutions in Singapore – banks, insurers, capital market intermediaries, financial advisors and financial market infrastructures. It is also responsible for well-functioning financial markets, sound conduct, and investor education. MAS also works with the financial industry to promote Singapore as a dynamic international financial centre. It facilitates the development of infrastructure, adoption of technology, and upgrading of skills in the financial industry.

Federal Reserve Bank of New York
Shelley Pitterson
(917) 698-0510

Jacqueline Ong
Monetary Authority of Singapore
Deputy Director
Corporate Communications Division
+65 6229-9159

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