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Singapore nears commercial rollout of blockchain-based payments network
- Tuesday | 14th July, 2020
SINGAPORE (Reuters) – Singapore has developed a blockchain-based payments network that could enable faster and cheaper international settlements, authorities said on Monday, adding that the next step was a commercial rollout. The final phase of the years-long ‘Project Ubin‘ saw the Monetary Authority of Singapore team up with state investor Temasek and J.P. Morgan to develop the prototype multi-currency payments network. Project Ubin is a collaborative project with the industry to explore the use of Blockchain and Distributed Ledger Technology (DLT) for clearing and settlement of payments and securities. “An international settlement network, modelled after this payments network prototype, could enable faster and cheaper transactions than conventional cross-border payments channels,” MAS and Temasek said in a joint statement. To spur further industry development, MAS and Temasek said it would make some of the technical specifications for the prototype network available to the public.
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