The banks will be using Singapore’s fintech-friendly regulatory sandbox installed by the country’s central bank, the Monetary Authority of Singapore. Singapore’s central bank unveiled its fintech regulatory sandbox in November 2016, a space wherein fintech startups and companies can experiment with financial processes or services with regulatory safeguards.
The Proof of Concept (PoC) testing of blockchain technology in the payments space is the result of a joint endeavour between the bank and large Japanese conglomerate Hitachi.
In 2016, the two companies developed a blockchain-based infrastructure to issue, transfer and collect electronic checks. With the PoC testing, the bank issued and settled checks while the Hitachi Group’s companies in Singapore received the electronic checks and then deposited the funds.
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