Tourists from China and Singapore will be able to use the e-yuan – China’s central bank digital currency (CBDC) – for their purchases in both countries during a pilot project, the Monetary Authority of Singapore announced on December 7.

The cross-border CBDC pilot between MAS and the People’s Bank of China’s Digital Currency Institute comes amid a number of other joint initiatives, including discussions around linking Singapore’s PayNow and China’s UnionPay for remittances.

MAS deputy managing