The Reserve Bank of Australia's (RBA) experimental research initiative into tokenized asset settlement, Project Acacia, entered its build-and-test phase, the central bank's governor, Michele Bullock, said in a speech on Wednesday.

Bullock said the testing phase will provide insights into how digital money and infrastructure could improve the efficiency and resilience of payments and settlements.

The governor also said the central bank will introduce a refreshed risk operating model and clarifying accountabilities.