Singapore’s blockchain payment platform is ready for commercial launch

The Singapore authorities announced today that their Project Ubin blockchain payment project has been completed and is ready for commercial launch.

The Singapore Monetary Authority or MAS started the Ubin project for the first time in 2017 with the plan to initially develop a digitized Singapore dollar (SGD).. The next steps were to explore blockchain technology and distributed ledgers Development of a clearing and settlement system for payments and securities using the digital SGD.

For the last phase of the project MAS worked in cooperation with the investment company Temasek, based in Singapore, and the American investment bank JPMorgan.

Singapore’s blockchain payment platform is ready for commercial launch
Singapore’s blockchain payment platform is ready for commercial launch

MAS successfully completed development of the payment network prototype in November 2019. Since then, the agency has been testing the system to test its ability to work seamlessly with commercial blockchain applications.

According to the official announcement from MAS The payment network provides an interface for “other blockchain networks for seamless connection and integration”.

Among other use cases The system enables faster and cheaper cross-border payments in multiple currencies, currency exchange and settlement of securities denominated in foreign currenciesReuters reported.

Leader in blockchain and cryptocurrency innovations

Last month, MAS CEO Ravi Menon explained this The country planned to work closely with China to experiment with a central bank digital currency.

Except for government-sponsored blockchain projects The private sector in Singapore is also booming with blockchain and cryptocurrency innovations. In the past 12 months, the number of blockchain companies in Singapore across the country has increased by 50%.

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