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Singapore's central bank to develop prototype for cross-border payments

Tuesday 3 December 2019 12:37 CET | News

Monetary Authority of Singapore [MAS] has recently revealed that it had collaborated with J.P. Morgan in order to develop a blockchain-based prototype.

J.P. Morgan has always been bullish toward blockchain tech and cryptocurrencies. It also went on to launch its native digital currency, JPM.  Its latest partnership with MAS would allow payments of multiple currencies on one network. Investment company, Temasek Holdings, is also part of MAS’s latest venture.

In order to discover its capabilities to integrate with commercial banking applications, the prototype is currently undergoing industry testing. The applications that were successfully tested would be revealed at the Singapore FinTech Festival and Singapore Week of Innovation and TeCHnology (SFF x SWITCH) 2019.

Previously, MAS had introduced Project Ubin, which was established to look into Distributed Ledger Technology [DLT] primarily focusing on the authorization and settlement of payments and securities.  The latest prototype would drive the project into its fifth phase which would “determine the commercial viability and value of the blockchain-based payments network.”


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Keywords: Cross-border payments, blockchain, Monetary Authority of Singapore, J.P. Morgan
Categories: Banking & Fintech | Payments General
Countries: Singapore
This article is part of category

Banking & Fintech