{"id":293,"date":"2023-12-05T17:56:11","date_gmt":"2023-12-05T10:56:11","guid":{"rendered":"https:\/\/thereporter.asia\/eng\/?p=293"},"modified":"2023-12-05T17:56:11","modified_gmt":"2023-12-05T10:56:11","slug":"sc-ventures-complete-the-first-central-bank-digital-currency-transactions-on-the-udpn","status":"publish","type":"post","link":"https:\/\/thereporter.asia\/eng\/2023\/12\/sc-ventures-complete-the-first-central-bank-digital-currency-transactions-on-the-udpn\/","title":{"rendered":"SC Ventures Complete the First Central Bank Digital Currency Transactions on the UDPN"},"content":{"rendered":"<p><a name=\"m_-5821332937308624731__Hlk124931295\"><\/a><span lang=\"EN-GB\">In a significant milestone demonstrating the benefits of digital currency transactions,\u00a0<\/span><a href=\"https:\/\/u7061146.ct.sendgrid.net\/ls\/click?upn=4tNED-2FM8iDZJQyQ53jATUb5ExCwHeGWtxBMj85-2FkfVg-3D2kql_6it32CXjahyvAA-2B8P1sqnW6YRojnBukqEapJcFpENOsraYgcq3DvE1eXQCQvT-2FmtFD77hXXTQsvxlT2jnauZWLP61fmSzz50Phu9HGqn2TYEn3FW7m-2FxQHpY-2BrnEjvl0ndixOsYw8m0pPE71VfNwft0wQVmf-2BkEDG8q0B0zsX7dl43azYdC2L4d3OLLJGOiPJLYoHUaiwYs1K2OnJluX-2FH37EQPnULwa1g87O7zKUQqUzuNS-2F1fkD8VLEX8ika1i7X6nL5DfOv6G3YnoJcV96-2BsGU1QTYzD63y-2Bv-2Fv7a7X9EoUPehXbPovUo0tFCCOcEsKdVCgSHZsSytUkjv9HiNWsoZdC91lvbZYteUqEw5q4-3D\" target=\"_blank\" rel=\"noopener\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/u7061146.ct.sendgrid.net\/ls\/click?upn%3D4tNED-2FM8iDZJQyQ53jATUb5ExCwHeGWtxBMj85-2FkfVg-3D2kql_6it32CXjahyvAA-2B8P1sqnW6YRojnBukqEapJcFpENOsraYgcq3DvE1eXQCQvT-2FmtFD77hXXTQsvxlT2jnauZWLP61fmSzz50Phu9HGqn2TYEn3FW7m-2FxQHpY-2BrnEjvl0ndixOsYw8m0pPE71VfNwft0wQVmf-2BkEDG8q0B0zsX7dl43azYdC2L4d3OLLJGOiPJLYoHUaiwYs1K2OnJluX-2FH37EQPnULwa1g87O7zKUQqUzuNS-2F1fkD8VLEX8ika1i7X6nL5DfOv6G3YnoJcV96-2BsGU1QTYzD63y-2Bv-2Fv7a7X9EoUPehXbPovUo0tFCCOcEsKdVCgSHZsSytUkjv9HiNWsoZdC91lvbZYteUqEw5q4-3D&amp;source=gmail&amp;ust=1701856282807000&amp;usg=AOvVaw190w0MC2PoHpue85x8BoMO\"><span lang=\"EN-GB\">SC Ventures by Standard Chartered Bank<\/span><\/a><span lang=\"EN-GB\">\u00a0and\u00a0<\/span><a href=\"https:\/\/u7061146.ct.sendgrid.net\/ls\/click?upn=4tNED-2FM8iDZJQyQ53jATUeTVgnzgFQpm4AzPFdHlJxU0TDdJbloYb7WEXps47OPRC6Ao_6it32CXjahyvAA-2B8P1sqnW6YRojnBukqEapJcFpENOsraYgcq3DvE1eXQCQvT-2FmtFD77hXXTQsvxlT2jnauZWLP61fmSzz50Phu9HGqn2TYEn3FW7m-2FxQHpY-2BrnEjvl0ndixOsYw8m0pPE71VfNwft0wQVmf-2BkEDG8q0B0zsX7dl43azYdC2L4d3OLLJGOiPJLYoHUaiwYs1K2OnJluX-2FMRbk-2F-2F0tWC-2B6x6ZavzYGBiw5HOio9l2c9jXEM8l7-2BLG3MkDiUjSCiiYKnM5AIMx7PsJ-2FsT6n-2BkMoEbCSxJcVs3ZBCl8MSd2l-2F5RCM74pDYvyFGaT-2BNxwNXepS-2FmF3Bmp-2FS9BNNik7bp8D0wxp76bR4-3D\" target=\"_blank\" rel=\"noopener\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/u7061146.ct.sendgrid.net\/ls\/click?upn%3D4tNED-2FM8iDZJQyQ53jATUeTVgnzgFQpm4AzPFdHlJxU0TDdJbloYb7WEXps47OPRC6Ao_6it32CXjahyvAA-2B8P1sqnW6YRojnBukqEapJcFpENOsraYgcq3DvE1eXQCQvT-2FmtFD77hXXTQsvxlT2jnauZWLP61fmSzz50Phu9HGqn2TYEn3FW7m-2FxQHpY-2BrnEjvl0ndixOsYw8m0pPE71VfNwft0wQVmf-2BkEDG8q0B0zsX7dl43azYdC2L4d3OLLJGOiPJLYoHUaiwYs1K2OnJluX-2FMRbk-2F-2F0tWC-2B6x6ZavzYGBiw5HOio9l2c9jXEM8l7-2BLG3MkDiUjSCiiYKnM5AIMx7PsJ-2FsT6n-2BkMoEbCSxJcVs3ZBCl8MSd2l-2F5RCM74pDYvyFGaT-2BNxwNXepS-2FmF3Bmp-2FS9BNNik7bp8D0wxp76bR4-3D&amp;source=gmail&amp;ust=1701856282807000&amp;usg=AOvVaw0rjsTLdyNt9tVsZi3IZQav\"><span lang=\"EN-GB\">Giesecke+Devrient (G+D)<\/span><\/a><span lang=\"EN-GB\">\u00a0have successfully completed a proof-of-concept (PoC) on the\u00a0<\/span><a href=\"https:\/\/u7061146.ct.sendgrid.net\/ls\/click?upn=4tNED-2FM8iDZJQyQ53jATUVE-2BCqApLEFw4Wz3BpEV7N8-3D_Nca_6it32CXjahyvAA-2B8P1sqnW6YRojnBukqEapJcFpENOsraYgcq3DvE1eXQCQvT-2FmtFD77hXXTQsvxlT2jnauZWLP61fmSzz50Phu9HGqn2TYEn3FW7m-2FxQHpY-2BrnEjvl0ndixOsYw8m0pPE71VfNwft0wQVmf-2BkEDG8q0B0zsX7dl43azYdC2L4d3OLLJGOiPJLYoHUaiwYs1K2OnJluX-2FK6tiIJNvDtxV0HzxxWmExOWImK4AUrt-2FySxTeD2OPc-2F8HQ6All-2BqqkCa17kfTlYudub0dHb0B41uv-2FnvMMD1nFkmJYrjK0cRJHk2j8yGFgC8jo8npeeE8ssMvpp8vQ0hxJU0gyoJf3AYVdUBeW95xI-3D\" target=\"_blank\" rel=\"noopener\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/u7061146.ct.sendgrid.net\/ls\/click?upn%3D4tNED-2FM8iDZJQyQ53jATUVE-2BCqApLEFw4Wz3BpEV7N8-3D_Nca_6it32CXjahyvAA-2B8P1sqnW6YRojnBukqEapJcFpENOsraYgcq3DvE1eXQCQvT-2FmtFD77hXXTQsvxlT2jnauZWLP61fmSzz50Phu9HGqn2TYEn3FW7m-2FxQHpY-2BrnEjvl0ndixOsYw8m0pPE71VfNwft0wQVmf-2BkEDG8q0B0zsX7dl43azYdC2L4d3OLLJGOiPJLYoHUaiwYs1K2OnJluX-2FK6tiIJNvDtxV0HzxxWmExOWImK4AUrt-2FySxTeD2OPc-2F8HQ6All-2BqqkCa17kfTlYudub0dHb0B41uv-2FnvMMD1nFkmJYrjK0cRJHk2j8yGFgC8jo8npeeE8ssMvpp8vQ0hxJU0gyoJf3AYVdUBeW95xI-3D&amp;source=gmail&amp;ust=1701856282807000&amp;usg=AOvVaw3zaNoWtDui9HPeUoKYUsUu\"><span lang=\"EN-GB\">Universal Digital Payments Network (UDPN)<\/span><\/a><span lang=\"EN-GB\">, executing real-time cross-border test transactions between different types of\u00a0Central Bank Digital Currency\u00a0(CBDC) systems representing different distributed ledger technology (DLT) and non-DLT representations of currency.<\/span><\/p>\n<ul>\n<li>&#8211; <a href=\"https:\/\/thereporter.asia\/eng\/?p=268\">SCB launches \u201cFraud Fighter\u201d website to safeguard Thai public<\/a><\/li>\n<li>&#8211; <a href=\"https:\/\/thereporter.asia\/eng\/?p=50\">Establishing a \u2018dual operating system\u2019 is effective in balancing financial risk management, innovation<\/a><\/li>\n<\/ul>\n<p><span lang=\"EN-GB\">The goal of the Central Bank Digital Currency Systems and Cross-Border Payments PoC was to demonstrate how commercial banks can integrate two different types of CBDC systems into their banking infrastructure and perform end-to-end multilateral cross-currency transfers via the UDPN.\u00a0<\/span><span lang=\"EN-GB\">The trials of\u00a0<\/span><span lang=\"EN-GB\">Central Bank Digital Currency Systems and Cross-Border Payments\u00a0<\/span><span lang=\"EN-GB\">demonstrated the ability to successfully integrate both direct and indirect, as well as DLT-based and non-DLT CBDC technologies.<\/span><\/p>\n<p><span lang=\"EN-GB\"> In the indirect model, commercial banks manage CBDC wallets and settlements directly on the UDPN, while the central bank handles wholesale settlement between commercial banks and keeps all transaction records. In the direct model, the central bank manages the wallets and conducts settlements directly within a centralized CBDC system. The direct model of a CBDC system was G+D\u2019s CBDC solution Filia\u00ae, a non-DLT system with its APIs connected to the UDPN infrastructure via a UDPN Transaction Node. <\/span><\/p>\n<p><span lang=\"EN-GB\">Filia, being a token-based CBDC, is designed with interoperability in mind and can be integrated into both traditional account-based environments and DLT solutions. The indirect model of a CBDC system is implemented as an on-chain DLT-based solution by the UDPN engineers. Commercial bank participants, through their own instances of UDPN Business Nodes, can actively engage in various activities, such as CBDC issuance (for issuing banks), wallet creation, linking wallets to bank accounts and KYC systems, fiat-CBDC exchange, AML\/CFT compliance, and initiation of CBDC transfers, swaps, and settlement.<\/span><\/p>\n<p><span lang=\"EN-GB\">The showcase demonstrated comprehensive cross-currency transfers, covering various processes like FX conversion, liquidity management, and CBDC issuance of both retail and wholesale CBDCs (rCBDCs and wCBDCs). The participants observed dramatic improvement in the efficiency of cross-border transactions by reducing costs, improving speed, and augmenting data sharing and transparency. The transactions were executed across 10 systems distributed among five entities, indicating the UDPN&#8217;s capability to manage distributed operations and collaborate across multiple entities and systems.<\/span><\/p>\n<p><span lang=\"EN-GB\">Over 130 countries globally are currently investigating, developing, or have already launched CBDCs according to CBDC Tracker<a title=\"\" href=\"https:\/\/mail.google.com\/mail\/u\/0\/#m_-5821332937308624731__ftn1\" name=\"m_-5821332937308624731__ftnref1\">[1]<\/a>. The Bank for International Settlement (BIS) expects 24 central banks to have digital currencies in circulation by 2030<a title=\"\" href=\"https:\/\/mail.google.com\/mail\/u\/0\/#m_-5821332937308624731__ftn2\" name=\"m_-5821332937308624731__ftnref2\">[2]<\/a>\u00a0and it is estimated that CBDC transactions will increase by 260,000% from $100 million in 2023 to $213 billion in 2030<a title=\"\" href=\"https:\/\/mail.google.com\/mail\/u\/0\/#m_-5821332937308624731__ftn3\" name=\"m_-5821332937308624731__ftnref3\">[3]<\/a>. The International Monetary Fund has reported that CBDC adoption would give access to a significant part of the 1.6 billion unbanked people in developing countries<a title=\"\" href=\"https:\/\/mail.google.com\/mail\/u\/0\/#m_-5821332937308624731__ftn4\" name=\"m_-5821332937308624731__ftnref4\">[4]<\/a>. Additionally, a full-scale CBDC implementation has the potential to reduce cross-border transaction costs by around 80%, which is expected to be $100 billion annually<a title=\"\" href=\"https:\/\/mail.google.com\/mail\/u\/0\/#m_-5821332937308624731__ftn5\" name=\"m_-5821332937308624731__ftnref5\">[5]<\/a>.<\/span><\/p>\n<p><a href=\"https:\/\/u7061146.ct.sendgrid.net\/ls\/click?upn=4tNED-2FM8iDZJQyQ53jATUegha2L32XA5BGAQD-2FrrWT-2BcYZDC-2BiDcArVFKeiM8YcEuhvJ0qa3b03NZDm5DrggwQ-3D-3D_8gb_6it32CXjahyvAA-2B8P1sqnW6YRojnBukqEapJcFpENOsraYgcq3DvE1eXQCQvT-2FmtFD77hXXTQsvxlT2jnauZWLP61fmSzz50Phu9HGqn2TYEn3FW7m-2FxQHpY-2BrnEjvl0ndixOsYw8m0pPE71VfNwft0wQVmf-2BkEDG8q0B0zsX7dl43azYdC2L4d3OLLJGOiPJLYoHUaiwYs1K2OnJluX-2FIY8cBSd00BpLYiIy34KpGkfo0TXL-2BL2aY5BB8feSvW3uBTN0l-2FfcjwTr79IWmRGWJQeGzy4IC4Q-2FgqJmlLxwO7dOS2RHXaoqZ13h0-2BrQ8qK08sRgj-2BEQiIvjac7UkAE-2FinmzvM0NWTAX1k72p4O7Xs-3D\" target=\"_blank\" rel=\"noopener\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/u7061146.ct.sendgrid.net\/ls\/click?upn%3D4tNED-2FM8iDZJQyQ53jATUegha2L32XA5BGAQD-2FrrWT-2BcYZDC-2BiDcArVFKeiM8YcEuhvJ0qa3b03NZDm5DrggwQ-3D-3D_8gb_6it32CXjahyvAA-2B8P1sqnW6YRojnBukqEapJcFpENOsraYgcq3DvE1eXQCQvT-2FmtFD77hXXTQsvxlT2jnauZWLP61fmSzz50Phu9HGqn2TYEn3FW7m-2FxQHpY-2BrnEjvl0ndixOsYw8m0pPE71VfNwft0wQVmf-2BkEDG8q0B0zsX7dl43azYdC2L4d3OLLJGOiPJLYoHUaiwYs1K2OnJluX-2FIY8cBSd00BpLYiIy34KpGkfo0TXL-2BL2aY5BB8feSvW3uBTN0l-2FfcjwTr79IWmRGWJQeGzy4IC4Q-2FgqJmlLxwO7dOS2RHXaoqZ13h0-2BrQ8qK08sRgj-2BEQiIvjac7UkAE-2FinmzvM0NWTAX1k72p4O7Xs-3D&amp;source=gmail&amp;ust=1701856282807000&amp;usg=AOvVaw02Xty-phxXBDW6wd-a4_Tp\">Thorsten Neumann<\/a><span lang=\"EN-GB\">, CTO, SC Ventures said,\u00a0<\/span><span lang=\"EN-GB\">\u201cSC Ventures is excited to have participated in the successful completion of PoC #10 on the UDPN. This proof of concept not only demonstrates the integration of diverse CBDC systems but also the frictionless transfer of cross-border transactions. Through this PoC, we\u2019ve demonstrated the potential infrastructure of the financial system of the future,\u201d said Thorsten Neumann, CTO at SC Ventures.<\/span><\/p>\n<p><a href=\"https:\/\/u7061146.ct.sendgrid.net\/ls\/click?upn=4tNED-2FM8iDZJQyQ53jATUegha2L32XA5BGAQD-2FrrWT9X-2ButCfKiWL196tUkFMX3-2BtYUT7A-2BeQcYSX9ovA7G3I7hUaWBl1L-2BT-2BKu9Ra07-2Bt8-3DKMZo_6it32CXjahyvAA-2B8P1sqnW6YRojnBukqEapJcFpENOsraYgcq3DvE1eXQCQvT-2FmtFD77hXXTQsvxlT2jnauZWLP61fmSzz50Phu9HGqn2TYEn3FW7m-2FxQHpY-2BrnEjvl0ndixOsYw8m0pPE71VfNwft0wQVmf-2BkEDG8q0B0zsX7dl43azYdC2L4d3OLLJGOiPJLYoHUaiwYs1K2OnJluX-2FNom7gEXCK4odjBDdQgd0xtzJHNWeYdEdgL10G8u7SWP0VU9TzlDjDaBYc9SjO1R-2Fy9rV-2BZsMe3t2ZqQxrNtd3r1IuEdxbZFrpjstqM3mR0YLTr4lj55VroCY5KP7qd8IVnII91ot2OF2-2F3j17y4ue4-3D\" target=\"_blank\" rel=\"noopener\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/u7061146.ct.sendgrid.net\/ls\/click?upn%3D4tNED-2FM8iDZJQyQ53jATUegha2L32XA5BGAQD-2FrrWT9X-2ButCfKiWL196tUkFMX3-2BtYUT7A-2BeQcYSX9ovA7G3I7hUaWBl1L-2BT-2BKu9Ra07-2Bt8-3DKMZo_6it32CXjahyvAA-2B8P1sqnW6YRojnBukqEapJcFpENOsraYgcq3DvE1eXQCQvT-2FmtFD77hXXTQsvxlT2jnauZWLP61fmSzz50Phu9HGqn2TYEn3FW7m-2FxQHpY-2BrnEjvl0ndixOsYw8m0pPE71VfNwft0wQVmf-2BkEDG8q0B0zsX7dl43azYdC2L4d3OLLJGOiPJLYoHUaiwYs1K2OnJluX-2FNom7gEXCK4odjBDdQgd0xtzJHNWeYdEdgL10G8u7SWP0VU9TzlDjDaBYc9SjO1R-2Fy9rV-2BZsMe3t2ZqQxrNtd3r1IuEdxbZFrpjstqM3mR0YLTr4lj55VroCY5KP7qd8IVnII91ot2OF2-2F3j17y4ue4-3D&amp;source=gmail&amp;ust=1701856282807000&amp;usg=AOvVaw3ijuK3Biiyq-WOZ4uH_oVG\">Dr. Raoul Herborg<\/a><span lang=\"EN-GB\">, Managing Director CBDC at G+D. said,\u00a0<\/span><span lang=\"EN-GB\">\u201cBusiness and commerce globally depend on cross-border payments. Central Bank Digital Currencies must therefore be able to work together quickly, easily and securely across national borders. A cross-border retail CBDC would furthermore provide cost-effective access to financial services to migrant workers globally and offer them financial inclusion,&#8221; comments Dr. Raoul Herborg, Managing Director CBDC at G+D.<\/span><\/p>\n<p><span lang=\"EN-GB\">Announced in Davos during the World Economic Forum week in January, UDPN is a distributed ledger technology (DLT) underpinned messaging backbone that provides interoperability between the fast-growing number of regulated stablecoins and CBDCs to enable seamless connectivity between any business IT system and regulated digital currencies. <\/span><\/p>\n<p><span lang=\"EN-GB\">The network was developed with contributions from global IT engineering and solutions provider\u00a0<\/span><a href=\"https:\/\/u7061146.ct.sendgrid.net\/ls\/click?upn=4tNED-2FM8iDZJQyQ53jATUZ27zykxLVd-2FQrGsu9QTAqiOOoZ3eCIIyAWD29fs-2FNrIyNYn_6it32CXjahyvAA-2B8P1sqnW6YRojnBukqEapJcFpENOsraYgcq3DvE1eXQCQvT-2FmtFD77hXXTQsvxlT2jnauZWLP61fmSzz50Phu9HGqn2TYEn3FW7m-2FxQHpY-2BrnEjvl0ndixOsYw8m0pPE71VfNwft0wQVmf-2BkEDG8q0B0zsX7dl43azYdC2L4d3OLLJGOiPJLYoHUaiwYs1K2OnJluX-2FPNcfjIHjRuR8tFukQHJ56vSfcS6-2FzIEq2rFNpf2Y0xuSdBVzlHWSUUz3xx1a7H3FO7oAOHvyYXhp88UloParjwIgWUtnlr0-2BFAqAjqnKWeZHkvwS3jZyJo3U7L7w3LQWWqxeEGJwKjqssRSjpiEimE-3D\" target=\"_blank\" rel=\"noopener\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/u7061146.ct.sendgrid.net\/ls\/click?upn%3D4tNED-2FM8iDZJQyQ53jATUZ27zykxLVd-2FQrGsu9QTAqiOOoZ3eCIIyAWD29fs-2FNrIyNYn_6it32CXjahyvAA-2B8P1sqnW6YRojnBukqEapJcFpENOsraYgcq3DvE1eXQCQvT-2FmtFD77hXXTQsvxlT2jnauZWLP61fmSzz50Phu9HGqn2TYEn3FW7m-2FxQHpY-2BrnEjvl0ndixOsYw8m0pPE71VfNwft0wQVmf-2BkEDG8q0B0zsX7dl43azYdC2L4d3OLLJGOiPJLYoHUaiwYs1K2OnJluX-2FPNcfjIHjRuR8tFukQHJ56vSfcS6-2FzIEq2rFNpf2Y0xuSdBVzlHWSUUz3xx1a7H3FO7oAOHvyYXhp88UloParjwIgWUtnlr0-2BFAqAjqnKWeZHkvwS3jZyJo3U7L7w3LQWWqxeEGJwKjqssRSjpiEimE-3D&amp;source=gmail&amp;ust=1701856282807000&amp;usg=AOvVaw1sBx-0F69QZog59LoesXzT\">GFT<\/a><span lang=\"EN-GB\">, decentralised cloud infrastructure company\u00a0<\/span><a href=\"https:\/\/u7061146.ct.sendgrid.net\/ls\/click?upn=4tNED-2FM8iDZJQyQ53jATUT8caVzGWkPwfjbsrxi-2BiNTowcyFHaYXrHOf2oMyvCMfwP74_6it32CXjahyvAA-2B8P1sqnW6YRojnBukqEapJcFpENOsraYgcq3DvE1eXQCQvT-2FmtFD77hXXTQsvxlT2jnauZWLP61fmSzz50Phu9HGqn2TYEn3FW7m-2FxQHpY-2BrnEjvl0ndixOsYw8m0pPE71VfNwft0wQVmf-2BkEDG8q0B0zsX7dl43azYdC2L4d3OLLJGOiPJLYoHUaiwYs1K2OnJluX-2FOxwi0j3qzBUzKqWlpibpZn-2FP7ikbGNW2I46Gk6UO7HLxcT1YhlZb-2FANQU0EAHQqpxHIMUUcVCaYD-2Fy9KjVAe49Ugnj8TLBRugZz-2BXOmCompqaV0348KdrGxr1KDt1kqgUqokkunLV0aNLHpIjc3byc-3D\" target=\"_blank\" rel=\"noopener\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/u7061146.ct.sendgrid.net\/ls\/click?upn%3D4tNED-2FM8iDZJQyQ53jATUT8caVzGWkPwfjbsrxi-2BiNTowcyFHaYXrHOf2oMyvCMfwP74_6it32CXjahyvAA-2B8P1sqnW6YRojnBukqEapJcFpENOsraYgcq3DvE1eXQCQvT-2FmtFD77hXXTQsvxlT2jnauZWLP61fmSzz50Phu9HGqn2TYEn3FW7m-2FxQHpY-2BrnEjvl0ndixOsYw8m0pPE71VfNwft0wQVmf-2BkEDG8q0B0zsX7dl43azYdC2L4d3OLLJGOiPJLYoHUaiwYs1K2OnJluX-2FOxwi0j3qzBUzKqWlpibpZn-2FP7ikbGNW2I46Gk6UO7HLxcT1YhlZb-2FANQU0EAHQqpxHIMUUcVCaYD-2Fy9KjVAe49Ugnj8TLBRugZz-2BXOmCompqaV0348KdrGxr1KDt1kqgUqokkunLV0aNLHpIjc3byc-3D&amp;source=gmail&amp;ust=1701856282807000&amp;usg=AOvVaw3j9cJHint_9b5U4IDmbGw_\">Red Date Technology<\/a><span lang=\"EN-GB\">, and tier one financial service providers. The UDPN Alliance is currently running a series of 12 PoCs with multiple global banks, technology companies, and payment service providers that allow participants to explore different use cases and scenarios.<\/span><\/p>\n<p><span lang=\"EN-GB\">The UDPN Alliance believes that the future of money is digital, sovereign, and regulated \u2013 but it is widely recognised that much of today\u2019s payments infrastructure is analogue, fragmented, and expensive. Digital money will make cross-border transactions simpler, cheaper, and faster &#8211; and it is expected to become increasingly integrated with the regulated financial system as its use grows in consumer and wholesale payments. UDPN is a gateway for businesses and financial institutions to use regulated digital currencies in cross-border transactions, across a wide spectrum of use cases.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In a significant milestone demonstrating the benefits of digital currency transactions,\u00a0SC Ventures by Standard Chartered Bank\u00a0and\u00a0Giesecke+Devrient (G+D)\u00a0have successfully completed a proof-of-concept (PoC) on the\u00a0Universal Digital Payments Network (UDPN), executing real-time cross-border test transactions between different types of\u00a0Central Bank Digital Currency\u00a0(CBDC)&#8230; <\/p>\n","protected":false},"author":1,"featured_media":294,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[236,238,235,233,237,232,234,239],"class_list":["post-293","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial","tag-cbdc-exchange","tag-cbdc-issuance","tag-central-bank","tag-digital-currency","tag-kyc-systems","tag-sc-ventures","tag-transactions","tag-udpn"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>SC Ventures Complete the First Central Bank Digital Currency Transactions on the UDPN - TheReporterAsia\/eng<\/title>\n<meta name=\"description\" content=\"SC Ventures by Standard Chartered Bank and Giesecke+Devrient Complete the First Central Bank Digital Currency Transactions on the UDPN\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thereporter.asia\/eng\/2023\/12\/sc-ventures-complete-the-first-central-bank-digital-currency-transactions-on-the-udpn\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SC Ventures Complete the First Central Bank Digital Currency Transactions on the UDPN - TheReporterAsia\/eng\" \/>\n<meta property=\"og:description\" content=\"SC Ventures by Standard Chartered Bank and Giesecke+Devrient Complete the First Central Bank Digital Currency Transactions on the UDPN\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thereporter.asia\/eng\/2023\/12\/sc-ventures-complete-the-first-central-bank-digital-currency-transactions-on-the-udpn\/\" \/>\n<meta property=\"og:site_name\" content=\"TheReporterAsia\/eng\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/thereporter.asia\" \/>\n<meta property=\"article:published_time\" content=\"2023-12-05T10:56:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/thereporter.asia\/eng\/wp-content\/uploads\/2023\/12\/SC-Ventures-UDPN.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"600\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/thereporter.asia\\\/eng\\\/2023\\\/12\\\/sc-ventures-complete-the-first-central-bank-digital-currency-transactions-on-the-udpn\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/thereporter.asia\\\/eng\\\/2023\\\/12\\\/sc-ventures-complete-the-first-central-bank-digital-currency-transactions-on-the-udpn\\\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"https:\\\/\\\/thereporter.asia\\\/eng\\\/#\\\/schema\\\/person\\\/03d154c7d9f6d115e6e22e3773326417\"},\"headline\":\"SC Ventures Complete the First Central Bank Digital Currency Transactions on the UDPN\",\"datePublished\":\"2023-12-05T10:56:11+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/thereporter.asia\\\/eng\\\/2023\\\/12\\\/sc-ventures-complete-the-first-central-bank-digital-currency-transactions-on-the-udpn\\\/\"},\"wordCount\":826,\"publisher\":{\"@id\":\"https:\\\/\\\/thereporter.asia\\\/eng\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/thereporter.asia\\\/eng\\\/2023\\\/12\\\/sc-ventures-complete-the-first-central-bank-digital-currency-transactions-on-the-udpn\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/thereporter.asia\\\/eng\\\/wp-content\\\/uploads\\\/2023\\\/12\\\/SC-Ventures-UDPN.jpg\",\"keywords\":[\"CBDC exchange\",\"CBDC issuance\",\"Central Bank\",\"Digital Currency\",\"KYC systems\",\"SC Ventures\",\"Transactions\",\"UDPN\"],\"articleSection\":[\"FINANCIAL\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/thereporter.asia\\\/eng\\\/2023\\\/12\\\/sc-ventures-complete-the-first-central-bank-digital-currency-transactions-on-the-udpn\\\/\",\"url\":\"https:\\\/\\\/thereporter.asia\\\/eng\\\/2023\\\/12\\\/sc-ventures-complete-the-first-central-bank-digital-currency-transactions-on-the-udpn\\\/\",\"name\":\"SC Ventures Complete the First Central Bank Digital Currency Transactions on the UDPN - TheReporterAsia\\\/eng\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/thereporter.asia\\\/eng\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/thereporter.asia\\\/eng\\\/2023\\\/12\\\/sc-ventures-complete-the-first-central-bank-digital-currency-transactions-on-the-udpn\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/thereporter.asia\\\/eng\\\/2023\\\/12\\\/sc-ventures-complete-the-first-central-bank-digital-currency-transactions-on-the-udpn\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/thereporter.asia\\\/eng\\\/wp-content\\\/uploads\\\/2023\\\/12\\\/SC-Ventures-UDPN.jpg\",\"datePublished\":\"2023-12-05T10:56:11+00:00\",\"description\":\"SC Ventures by Standard Chartered Bank and Giesecke+Devrient Complete the First Central Bank Digital Currency Transactions on the UDPN\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/thereporter.asia\\\/eng\\\/2023\\\/12\\\/sc-ventures-complete-the-first-central-bank-digital-currency-transactions-on-the-udpn\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/thereporter.asia\\\/eng\\\/2023\\\/12\\\/sc-ventures-complete-the-first-central-bank-digital-currency-transactions-on-the-udpn\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/thereporter.asia\\\/eng\\\/2023\\\/12\\\/sc-ventures-complete-the-first-central-bank-digital-currency-transactions-on-the-udpn\\\/#primaryimage\",\"url\":\"https:\\\/\\\/thereporter.asia\\\/eng\\\/wp-content\\\/uploads\\\/2023\\\/12\\\/SC-Ventures-UDPN.jpg\",\"contentUrl\":\"https:\\\/\\\/thereporter.asia\\\/eng\\\/wp-content\\\/uploads\\\/2023\\\/12\\\/SC-Ventures-UDPN.jpg\",\"width\":600,\"height\":400,\"caption\":\"UDPN\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/thereporter.asia\\\/eng\\\/2023\\\/12\\\/sc-ventures-complete-the-first-central-bank-digital-currency-transactions-on-the-udpn\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/thereporter.asia\\\/eng\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"SC Ventures Complete the First Central Bank Digital Currency Transactions on the UDPN\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/thereporter.asia\\\/eng\\\/#website\",\"url\":\"https:\\\/\\\/thereporter.asia\\\/eng\\\/\",\"name\":\"TheReporterAsia\\\/eng\",\"description\":\"The all economy news in ASIA\",\"publisher\":{\"@id\":\"https:\\\/\\\/thereporter.asia\\\/eng\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/thereporter.asia\\\/eng\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/thereporter.asia\\\/eng\\\/#organization\",\"name\":\"TheReporterAsia\\\/eng\",\"url\":\"https:\\\/\\\/thereporter.asia\\\/eng\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/thereporter.asia\\\/eng\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/thereporter.asia\\\/eng\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/THEREPORTER_logo_274x90.png\",\"contentUrl\":\"https:\\\/\\\/thereporter.asia\\\/eng\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/THEREPORTER_logo_274x90.png\",\"width\":274,\"height\":90,\"caption\":\"TheReporterAsia\\\/eng\"},\"image\":{\"@id\":\"https:\\\/\\\/thereporter.asia\\\/eng\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/www.facebook.com\\\/thereporter.asia\"]},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/thereporter.asia\\\/eng\\\/#\\\/schema\\\/person\\\/03d154c7d9f6d115e6e22e3773326417\",\"name\":\"admin\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/9b0ea1804d31204d776481a8164090158b6ab3dfa8eb0bed6bd41fd7086598e0?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/9b0ea1804d31204d776481a8164090158b6ab3dfa8eb0bed6bd41fd7086598e0?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/9b0ea1804d31204d776481a8164090158b6ab3dfa8eb0bed6bd41fd7086598e0?s=96&d=mm&r=g\",\"caption\":\"admin\"},\"sameAs\":[\"https:\\\/\\\/thereporter.asia\\\/eng\"],\"url\":\"https:\\\/\\\/thereporter.asia\\\/eng\\\/author\\\/vachirahut_hdzdx3nr\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"SC Ventures Complete the First Central Bank Digital Currency Transactions on the UDPN - TheReporterAsia\/eng","description":"SC Ventures by Standard Chartered Bank and Giesecke+Devrient Complete the First Central Bank Digital Currency Transactions on the UDPN","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/thereporter.asia\/eng\/2023\/12\/sc-ventures-complete-the-first-central-bank-digital-currency-transactions-on-the-udpn\/","og_locale":"en_US","og_type":"article","og_title":"SC Ventures Complete the First Central Bank Digital Currency Transactions on the UDPN - TheReporterAsia\/eng","og_description":"SC Ventures by Standard Chartered Bank and Giesecke+Devrient Complete the First Central Bank Digital Currency Transactions on the UDPN","og_url":"https:\/\/thereporter.asia\/eng\/2023\/12\/sc-ventures-complete-the-first-central-bank-digital-currency-transactions-on-the-udpn\/","og_site_name":"TheReporterAsia\/eng","article_publisher":"https:\/\/www.facebook.com\/thereporter.asia","article_published_time":"2023-12-05T10:56:11+00:00","og_image":[{"width":600,"height":400,"url":"https:\/\/thereporter.asia\/eng\/wp-content\/uploads\/2023\/12\/SC-Ventures-UDPN.jpg","type":"image\/jpeg"}],"author":"admin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"admin","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/thereporter.asia\/eng\/2023\/12\/sc-ventures-complete-the-first-central-bank-digital-currency-transactions-on-the-udpn\/#article","isPartOf":{"@id":"https:\/\/thereporter.asia\/eng\/2023\/12\/sc-ventures-complete-the-first-central-bank-digital-currency-transactions-on-the-udpn\/"},"author":{"name":"admin","@id":"https:\/\/thereporter.asia\/eng\/#\/schema\/person\/03d154c7d9f6d115e6e22e3773326417"},"headline":"SC Ventures Complete the First Central Bank Digital Currency Transactions on the UDPN","datePublished":"2023-12-05T10:56:11+00:00","mainEntityOfPage":{"@id":"https:\/\/thereporter.asia\/eng\/2023\/12\/sc-ventures-complete-the-first-central-bank-digital-currency-transactions-on-the-udpn\/"},"wordCount":826,"publisher":{"@id":"https:\/\/thereporter.asia\/eng\/#organization"},"image":{"@id":"https:\/\/thereporter.asia\/eng\/2023\/12\/sc-ventures-complete-the-first-central-bank-digital-currency-transactions-on-the-udpn\/#primaryimage"},"thumbnailUrl":"https:\/\/thereporter.asia\/eng\/wp-content\/uploads\/2023\/12\/SC-Ventures-UDPN.jpg","keywords":["CBDC exchange","CBDC issuance","Central Bank","Digital Currency","KYC systems","SC Ventures","Transactions","UDPN"],"articleSection":["FINANCIAL"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/thereporter.asia\/eng\/2023\/12\/sc-ventures-complete-the-first-central-bank-digital-currency-transactions-on-the-udpn\/","url":"https:\/\/thereporter.asia\/eng\/2023\/12\/sc-ventures-complete-the-first-central-bank-digital-currency-transactions-on-the-udpn\/","name":"SC Ventures Complete the First Central Bank Digital Currency Transactions on the UDPN - TheReporterAsia\/eng","isPartOf":{"@id":"https:\/\/thereporter.asia\/eng\/#website"},"primaryImageOfPage":{"@id":"https:\/\/thereporter.asia\/eng\/2023\/12\/sc-ventures-complete-the-first-central-bank-digital-currency-transactions-on-the-udpn\/#primaryimage"},"image":{"@id":"https:\/\/thereporter.asia\/eng\/2023\/12\/sc-ventures-complete-the-first-central-bank-digital-currency-transactions-on-the-udpn\/#primaryimage"},"thumbnailUrl":"https:\/\/thereporter.asia\/eng\/wp-content\/uploads\/2023\/12\/SC-Ventures-UDPN.jpg","datePublished":"2023-12-05T10:56:11+00:00","description":"SC Ventures by Standard Chartered Bank and Giesecke+Devrient Complete the First Central Bank Digital Currency Transactions on the UDPN","breadcrumb":{"@id":"https:\/\/thereporter.asia\/eng\/2023\/12\/sc-ventures-complete-the-first-central-bank-digital-currency-transactions-on-the-udpn\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/thereporter.asia\/eng\/2023\/12\/sc-ventures-complete-the-first-central-bank-digital-currency-transactions-on-the-udpn\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/thereporter.asia\/eng\/2023\/12\/sc-ventures-complete-the-first-central-bank-digital-currency-transactions-on-the-udpn\/#primaryimage","url":"https:\/\/thereporter.asia\/eng\/wp-content\/uploads\/2023\/12\/SC-Ventures-UDPN.jpg","contentUrl":"https:\/\/thereporter.asia\/eng\/wp-content\/uploads\/2023\/12\/SC-Ventures-UDPN.jpg","width":600,"height":400,"caption":"UDPN"},{"@type":"BreadcrumbList","@id":"https:\/\/thereporter.asia\/eng\/2023\/12\/sc-ventures-complete-the-first-central-bank-digital-currency-transactions-on-the-udpn\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/thereporter.asia\/eng\/"},{"@type":"ListItem","position":2,"name":"SC Ventures Complete the First Central Bank Digital Currency Transactions on the UDPN"}]},{"@type":"WebSite","@id":"https:\/\/thereporter.asia\/eng\/#website","url":"https:\/\/thereporter.asia\/eng\/","name":"TheReporterAsia\/eng","description":"The all economy news in ASIA","publisher":{"@id":"https:\/\/thereporter.asia\/eng\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/thereporter.asia\/eng\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/thereporter.asia\/eng\/#organization","name":"TheReporterAsia\/eng","url":"https:\/\/thereporter.asia\/eng\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/thereporter.asia\/eng\/#\/schema\/logo\/image\/","url":"https:\/\/thereporter.asia\/eng\/wp-content\/uploads\/2023\/10\/THEREPORTER_logo_274x90.png","contentUrl":"https:\/\/thereporter.asia\/eng\/wp-content\/uploads\/2023\/10\/THEREPORTER_logo_274x90.png","width":274,"height":90,"caption":"TheReporterAsia\/eng"},"image":{"@id":"https:\/\/thereporter.asia\/eng\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/thereporter.asia"]},{"@type":"Person","@id":"https:\/\/thereporter.asia\/eng\/#\/schema\/person\/03d154c7d9f6d115e6e22e3773326417","name":"admin","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/9b0ea1804d31204d776481a8164090158b6ab3dfa8eb0bed6bd41fd7086598e0?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/9b0ea1804d31204d776481a8164090158b6ab3dfa8eb0bed6bd41fd7086598e0?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/9b0ea1804d31204d776481a8164090158b6ab3dfa8eb0bed6bd41fd7086598e0?s=96&d=mm&r=g","caption":"admin"},"sameAs":["https:\/\/thereporter.asia\/eng"],"url":"https:\/\/thereporter.asia\/eng\/author\/vachirahut_hdzdx3nr\/"}]}},"_links":{"self":[{"href":"https:\/\/thereporter.asia\/eng\/wp-json\/wp\/v2\/posts\/293","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thereporter.asia\/eng\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thereporter.asia\/eng\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thereporter.asia\/eng\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thereporter.asia\/eng\/wp-json\/wp\/v2\/comments?post=293"}],"version-history":[{"count":0,"href":"https:\/\/thereporter.asia\/eng\/wp-json\/wp\/v2\/posts\/293\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/thereporter.asia\/eng\/wp-json\/wp\/v2\/media\/294"}],"wp:attachment":[{"href":"https:\/\/thereporter.asia\/eng\/wp-json\/wp\/v2\/media?parent=293"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thereporter.asia\/eng\/wp-json\/wp\/v2\/categories?post=293"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thereporter.asia\/eng\/wp-json\/wp\/v2\/tags?post=293"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}