Singapore announces readiness of blockchain-based payments

Singapore said on Monday it is ready to release its developed blockchain-based payments network that would pave the way for faster and cheaper international settlements.

The Monetary Authority of Singapore joined forces with state investor Temasek and J.P. Morgan to develop the prototype multi-currency payments network, being the final phase of the city-state’s Project Ubin.

“An international settlement network, modeled after this payments network prototype, could enable faster and cheaper transactions than conventional cross-border payments channels,” MAS and Temasek said in a joint statement.

The team furthered that the prototype features some commercial applications which include cross-border payments in multiple currencies, foreign currency exchange, and settlement of foreign currency-denominated securities.

Blockchain and cryptocurrency came into the financial scene when the first digital token Bitcoin was launched more than a decade ago.