Singapore's Blockchain-Based Payments Network Ready For Commercial Debut

The Monetary Authority of Singapore (MAS) and Temasek, the Singapore government’s investment company, are ready to launch a blockchain-based payments network that could speed up international settlements.

What Happened

The multi-phase “Project Ubin,” developed over the years, was designed as a multi-currency payments network.

According to a joint statement issued by the monetary authority and Temasek on Monday, “The commercial applications of the payments network prototype include cross-border payments in multiple currencies, foreign currency exchange, settlement of foreign currency denominated securities, as well as integration with other blockchain-based platforms to enable end-to-end [digitalization] across many industries and use cases.”

Why It Matters

MAS and Temasek claim that an international settlement network based on Project Ubin “could enable faster and cheaper transactions than conventional cross-border payments channels.”

The payments network prototype, which was jointly developed in collaboration with JP Morgan Chase & Co JPM, can be used as a test network to foster collaboration with other central banks by the MAS.

Technical specifications of the functionality and connectivity interfaces of Project Ubin will be made available to the public to encourage the industry development.