Singapore’s Blockchain Payments Network is Complete and Ready for Commercial Rollout
Project Ubin is ready now
The Monetary Authority of Singapore (MAS), the central bank of Singapore has officially declared in an announcement that the blockchain payments network of Singapore which is known as Project Ubin has successfully completed its pilot phase and is ready for commercial rollout. Announcing the completion of the Project Ubin, Singapore authorities said that their blockchain payments solution is now entirely ready to be used for commercial purposes.
The central bank of Singapore MAS firstly laid the foundation of this project termed as Project Ubin in the year 2016 and was under development since that time. The project aims at exploring the use of blockchain technology for the settlement and clearance of payments and securities.
The development of this multi-currency blockchain payments platform had been successfully completed last year in Nov 2019 by MAS. After that, it has been going through its testing period so that it could work efficiently and smoothly. The project has now passed the fifth and final stage which is regarded as its pilot phase. After undergoing this series of five developmental stages, the project is now completely ready for commercial rollout.
MAS worked with JPMorgan and Temasek for the final phase
Singapore’s central bank has collaborated with JPMorgan the American investment bank and Temasek an investment firm based in Singapore to finish the final phase of its blockchain payments project’s development.
The Deputy Chief Executive at Temasek Mr. Chia Song Hwee is of the view that blockchain technology can transform businesses with its high potential. While commenting on the completion of the Project Ubin, Temasek Deputy CEO said:
Phase 5 of Project Ubin has demonstrated the commercial applicability, viability and benefits of blockchain technology across industries, beyond capital markets and trade finance.
MAS, JPMorgan, and Temasek are now ready to exploit and test this platform in commercial environments. As reported by Reuters, this blockchain-powered payments platform of Singapore will ensure the cheap and fast cross-border payments in several currencies.
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