The Bangko Sentral ng Pilipinas said Thursday it selected Hyperledger Fabric as the distributed ledger technology for its wholesale Central
Project Agila aims to orient the BSP and participating financial institutions on CBDC technology solutions that have the potential to enhance the country’s large-value payment system.
This would be a useful mechanism for testing Project Agila’s use case scenario of enabling inter-institutional fund transfers even during off-business hours or when PhilPaSSplus is unavailable. CBDCs are a form of digital money denominated in the national unit of account and are direct liabilities of the central bank. Wholesale CBDCs may be issued to commercial banks and other financial institutions to settle interbank payments, securities transactions, and cross-border payments, among others.
Participating financial institutions in the project include BDO Unibank Inc., China Banking Corp., Land Bank of the Philippines, Rizal Commercial Banking Corp., Union Bank of the Philippines and Maya Philippines Inc. Meanwhile, observing financial institutions for succeeding stages are Citibank N. A. Manila, China Bank Savings, Wealth Development Bank Corp. and SeaBank Philippines Inc.