Monetary Authority of Singapore to Deploy its Blockchain Payments Project for Commercial Use
Monetary Authority of Singapore to Deploy its Blockchain Payments Project for Commercial Use
July 13, 2020
Monetary Authority of Singapore to Deploy its Blockchain Payments Project for Commercial Use
Monetary Authority of Singapore to Deploy its Blockchain Payments Project for Commercial Use
July 13, 2020

The Monetary Authority of Singapore (MAS) has announced that it is ready to deploy its multi-currency blockchain payments project “Project Ubin” for commercial use.

It has been reported that MAS first undertook Project Ubin in 2017 with plans to first develop a digitized Singapore dollar (SGD).

However, the next steps involved exploring blockchain and distributed ledger technology (DLT) to build a system for the clearing and settlement of payments and securities using digital SGD.

For the final phase of the project, MAS worked in collaboration with the Singapore-based investment company Temasek and the American investment bank JPMorgan

It has been analyzed that MAS had successfully completed the development of the payments network prototype in November 2019, as the authority has since been testing the system for its ability to function smoothly with commercial blockchain applications.

ALSO READ :  Aave Becomes Latest DeFi Project To Transfer Governance Rights To Its Token Holders

The official announcement of MAS stated that the payments network will provide an interface for “other blockchain networks to connect and integrate seamlessly.” 

Likewise, Reuters reported that among other use-cases, the system will allow for faster and cheaper cross-border payments in multiple currencies, foreign currency exchange, and settlement of currency-denominated securities.

Thus, last month, Ravi Menon, the Managing Director of the MAS, stated that the country was planning to work in close collaboration with China to experiment with a central bank digital currency.

Source: Cointelegraph | Image: Divante


Disclaimer

Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.