11-17-2025 
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Digital payments have skyrocketed in Singapore, with the Asian nation reaching $70 billion so far this year, according to a new report.
In Hong Kong, the government is set to issue its third digital green bond worth HKD10 billion ($1.3 billion), its largest issuance to date. In a world first, the upcoming bond will offer investors the option to settle using tokenized central bank money.
Singapore’s surging digital payments
Digital payments have been growing rapidly in Singapore as the city transforms into one of the world’s premier financial hubs. This year, digital payment transactions have hit S$92.0 billion ($70 billion), reveals a new report by local investment firm ARK Group, a subsidiary of China’s largest independent wealth management company, Noah Holdings.
The report further revealed that Singapore’s cross-border settlement system handled an average of S$47 billion ($36 billion) daily, achieving the city-state’s vision of achieving “borderless capital flow.”
The digital payments revolution has been underpinned by both a push by the Singaporean government and cutting-edge innovations in the financial sector.
The Monetary Authority of Singapore (MAS) has been at the forefront of the movement. A month ago, the top bank launched BLOOM, a new initiative that extends the payment capabilities of local financial institutions.
BLOOM (Borderless, Liquid, Open, Online, Multi-currency) payments integrate regulated stablecoins and tokenized central bank money and tap multiple Asian currencies.
MAS has partnered with local banks, such as DBS (NASDAQ: DBSDY) and OCBC, as well as stablecoin issuers like Circle (NASDAQ: CRCL), for swift and cost-effective asset settlement. Meanwhile, StraitsX, the issuer of the first stablecoin pegged to the Singaporean dollar, is working alongside Ant International on wholesale cross-border settlements.
Stablecoins are poised to play a central role in Singapore’s digital payments future, with the launch of the local stablecoin, XSGD, laying the groundwork for a new wave of innovation.
This week, Standard Chartered (NASDAQ: SCBFF) announced a new partnership with DCS Card Centre to launch a new card that supports stablecoin spending in real-world payments. The lender will handle the fiat and stablecoin settlements and manage the treasury and liquidity needs for the new card, known as DeCard. It’s part of the bank’s efforts to “support clients in navigating the evolving digital assets space.”
Hong Kong’s $1.3 billion digital bond
Elsewhere, the Hong Kong government has launched its third digital green bond, worth HK$10 billion ($1.3 billion).
The city-state’s first tokenized green bond was in 2023 and was worth $102 million. It was the first tokenized bond issued by any government globally and set the foundation for what has become a multi-billion-dollar sector.A year later, the city launched its second tokenized bond worth $765 million. This bond was issued on HSBC’s (NASDAQ: HSBC) Orion platform, marking a shift from Goldman Sachs’ (NASDAQ: GS) DAP platform used to issue the first.
This week, Hong Kong has issued its third tokenized bond, still on Orion. The bond is denominated in the HK dollar, the U.S. dollar, the euro, and the Chinese yuan.
The new bond is the first globally to allow investors to make settlements via tokenized central bank money. It’s also the first to integrate central bank digital currencies (CBDCs) in the digital yuan and the e-HKD.
According to the government, the bond was 13x oversubscribed at over HK$130 billion, with investors ranging from institutional players and banks to wealth managers and insurance firms. This overwhelming demand “reflects the market support for tokenised products,” commented Paul Chan, the city’s Financial Secretary.
“The integration of tokenised central bank money in this issuance lays the foundation for future integration with other forms of digital money, fostering interoperability and unlocking new synergies across different digital infrastructures,” added Eddie Yue, the CEO of the Hong Kong Monetary Authority.
The city partnered with JPMorgan (NASDAQ: JPM), HSBC (NASDAQ: HSBC), Credit Agricole (NASDAQ: CRARF), and Bank of China (NASDAQ: BACHY) as the global coordinators, with Société Générale (NASDAQ: SCGLY), Standard Chartered, and UBS (NASDAQ: UBS) as the lead managers.
While the government spearheads the issuance of tokenized bonds, private firms have stepped up in the past year. According to Bloomberg, local corporates have raised $1 billion across six digital notes, with four of these offerings launched this year.
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