Project Dunbar explores how a common platform for multiple central bank digital currencies (multi-CBDCs) could enable cheaper,
faster and safer cross-border payments. The project is a collaboration between the Bank for International Settlements (BIS) Innovation Hub Singapore Centre, the Reserve Bank of Australia, Bank Negara Malaysia, the Monetary Authority of Singapore and the South African Reserve Bank.
This initial phase of the project successfully developed working prototypes and demonstrated practicable solutions, achieving its aim of proving that the concept of multi-CBDCs was technically viable. The prototypes validated the design approaches are taken to resolve three critical sets of challenges relating to access, jurisdictional boundaries and governance.