For the economy

• Cross-border trade and remittances: Wholesale CBDC can cut settlement time and costs for exporters, SMEs, and banks.
• Programmable public payments: Better targeting for subsidies and relief with lower leakage and faster reconciliation.
• Resilience and competition: A public digital rail can pressure fees and provide redundancy alongside PayNet and DuitNow.

For local banks

• In a two-tier model (the most likely path), banks distribute CBDC wallets, anchor identity, manage compliance, and keep doing what they do best: credit intermediation.
• Cross-border wholesale access can streamline correspondent banking, FX settlement, and liquidity management.

For other industry players

• Fintechs/PSPs: Richer APIs and programmability for escrow, supply chain, and conditional payments.
• Merchants/platforms: Potentially lower acceptance costs and instant settlement if integrated with existing POS and super-apps.
• GovTech/RegTech: Faster, auditable flows with privacy-preserving analytics