Monetary Authority of Singapore (MAS) has managed to create a new blockchain-based prototype for multi-currency payments, in collaboration with Temasek and JPMorgan.
According to the developers, the network could significantly improve numerous aspects of sending payments, including the cost efficiency for businesses. MAS is currently testing its abilities, such as integration with commercial blockchain applications.
All applications that yield positive results will be presented soon, during Singapore FinTech Festival (SFF), as well as Singapore Week of Innovation and TeCHnology (SWITCH).
So, What’s This Blockchain Payments Network All About?
The prototype is the result of Project Ubin, a MAS-led project that has the goal of bringing new blockchain solutions to the financial industry. The project is collaborative, and it is currently in its fifth phase. Meanwhile, the prototype represents its largest milestone yet. According to MAS, the new payments network can provide interfaces even for other blockchain networks.
In other words, it will allow other projects to connect to the network and send payments. There will be some additional features as well, like DvP (Delivery versus Payment) settlements with private exchanges, payment commitments for trade finance, conditional payments and escrow for trade, and more.
Sopnendu Mohanty, the CFO at MAS, commented on the progress by saying that MAS hopes to see other central banks encouraged to do similar trials. MAS even plans to release technical specifications to the public, and help other developers speed up their progress. Their goal is to link up as many blockchain networks as possible, and improve cross-border connectivity, eventually making it cheap, fast, and safer than ever.
Who are the Major Stakeholders?
Another one of Project Ubin’s goals is to determine the commercial viability and value of blockchain-based payments networks, which is why MAS partnered up with over 40 financial and non-financial companies.
One of them is Temasek, whose president and COO, Chia Song Hwee, stated that the addition of non-financial firms demonstrates the technology’s great applicability. JPMorgan has acted as the infrastructure partner for the project.
As for the report, it is expected to be published in early 2020, describing the network’s use cases, listing features, and more.
What do you think about the new announcement? Do you think that MAS will be successful in improving connectivity among blockchains? Let us know in the comments below.
Images via Shutterstock
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