Project XBY

East Asia & Pacific · GDP rank #26

Singapore

SG · SGD @ 0.7815/USD

Tab 08

Pulse

The preceding ~90 days of macro, regulation, product, funding and milestone events. Each item is primary-sourced; no trade-press echo.

  1. 2 weeks agoregulation

    MAS confirms drafting full stablecoin legislation in 2026

    MAS reiterated in a Central Banking interview that draft legislation putting the 2023 single-currency-stablecoin framework into statute will be circulated for consultation later in 2026. The bill will codify reserve-asset rules and redemption timelines for SGD- and USD-pegged stablecoins.

    • #mas
    • #stablecoin
    • #regulation

    Source: Central Banking

  2. 6 weeks agoregulation

    MAS tightens S$NEER for the first time since 2022

    MAS marginally raised the slope of the S$NEER policy band, the first tightening since October 2022, citing higher imported energy and chemicals costs after Strait of Hormuz disruption. Band width and centre were unchanged.

    • #mas
    • #macro
    • #neer

    Source: Monetary Authority of Singapore (MAS)

  3. 7 weeks agodata

    PayNow-PromptPay corridor — Q1 2026 4x launch-quarter volume

    MAS published cross-border PayNow data showing the PayNow-PromptPay corridor processing four times the Q1 2021 launch-quarter volume by Q1 2026. The Thailand corridor remains the largest single PayNow bilateral, ahead of PayNow-UPI and PayNow-DuitNow.

    • #paynow
    • #cross-border
    • #data

    Source: Vietnam+ / MAS

  4. 2 months agolaunch

    PayNow-VietQR corridor opens

    MAS / BCS and Vietnam's NAPAS opened a bilateral instant QR corridor between PayNow and VietQR on 25 March, extending Singapore's PayNow mesh to seven ASEAN-plus jurisdictions. P2P and P2M supported from go-live.

    • #paynow
    • #cross-border
    • #vietnam

    Source: Monetary Authority of Singapore (MAS)

  5. 3 months agomilestone

    Project Guardian graduates first commercialisation-track institutions

    MAS announced that the first cohort of Project Guardian institutions had cleared the criteria for commercialisation track: live tokenised FX, tokenised MMF, and tokenised bond settlement, with retail-investor-eligible product designs.

    • #mas
    • #tokenisation
    • #guardian

    Source: Monetary Authority of Singapore (MAS)

  6. 3 months agomilestone

    GXS Bank reports first sustained profitable quarter

    Grab Holdings disclosed in its Q4 2025 results that GXS Bank achieved its first sustained-profit quarter in October-December 2025. GXS deposits crossed S$11bn alongside MariBank and Trust Bank in the digital-bank cohort.

    • #gxs
    • #grab
    • #digital-banks

    Source: Grab Holdings