Authorities in Singapore have informed the successful completion of the long-planned ‘Project Ubin,’ a payment network based on blockchain, the last phase in development. It further mentioned that the now-developed Singapore blockchain payment network would soon be ready for commercial application across different sectors.
Singapore blockchain payment network completes its final stage
Having completed its last phases, the country’s financial regulator, Monetary Authority of Singapore announced on Monday that the Singapore blockchain payment network would enable faster cross-border transactions, including securities settlement. Reportedly, this last phase of this network development saw the collaboration of financial institutions, like the American JPMorgan, and Temasek.
An international settlement network, modelled 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.
As explained in the report, MAS examined how the Singapore blockchain payment network can easily be integrated across several sectors for commercial usage. Another part of the examination covered how these companies can benefit from adopting the network, including the underlying blockchain technology.
So, the authority mentioned that the Singapore blockchain payment network could enable several transaction options for companies. These include the exchange of foreign currency and payments with various currencies across the board. It can equally be used in the settlement of securities, which are denominated in foreign currencies.
Ultimately, the payment network can also be integrated with blockchain platforms. According to the report, this functionality can ensure end-to-end digitalization for many sectors. Having been in development for years, Sopnendu Mohanty, one of the officials at MAS, emphasized that Project Ubin has heightened their knowledge as well as experience for blockchain technology.
Following the successful experimentation over five phases, we look forward to greater adoption and live deployment of blockchain technology.