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Singapore Ready to Commercially Deploy Blockchain Payments Platform

By Jenny Aurora | July 14, 2020
Singapore Ready to Commercially Deploy Blockchain Payments Platform

Singaporean governments have reportedly revealed the completion status of their blockchain payments initiative – Project Ubin – and will be ready for commercial release. 

Specifically, The Monetary Authority of Singapore (MAS) reportedly took up Project Ubin 3 years ago, with a target to initially design a digitized Singapore dollar (SGD). The next phase will be focused on discovering blockchain and DLT to establish a system to assist in the clearance and settling of payments and securities using digital SGD.

Regarding the final step of the project, MAS will reportedly be partnering with the local investment firm Temasek, as well as the investment bank from America – JPMorgan.

MAS has reportedly been able to finalize the prototype of the payments system in November last year. The government has since put it through the testing phase to see if it can operate normally with commercial blockchain applications.

Per MAS’s official announcement, the payments network will reportedly offer an interface for “other blockchain networks to connect and integrate seamlessly.” 

Together with different other use cases, the system will reportedly offer cross-border payments with enhanced speed and a lowered cost in numerous currencies, foreign currency exchange, and settlement of currency-denominated securities. 

In June this year, MAS managing director Ravi Menon reportedly revealed the firm’s plan to team up with China for experimenting with a central bank digital currency.

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