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Singapore's First National Blockchain Payments Platform Ready for Commercial Launch




Singapore has joined the league of nations to adopt and implement blockchain open ledger payment network to their national payment system.in line with these the government entered into partnership with Temasek to develop a national decentralized payment network.

Earlier today Singapore authorities announced that their blockchain payments project, "Project Ubin", is complete and ready for commercial launch. 

The Monetary Authority of Singapore, MAS, first undertook Project Ubin in 2017 with plans to first develop a digitized Singapore dollar (SGD). The next steps involved exploring blockchain and distributed ledger technology to build a system for the clearing and settlement of payments and securities using digital SGD.

For the final phase of the project, MAS worked in collaboration with the Singapore-based investment company Temasek and the American investment bank JPMorgan. 

MAS successfully completed the development of the payments network prototype in November 2019. The authority has since been testing the system for its ability to function smoothly with commercial blockchain applications.

According to MAS’s official announcement, the payments network will provide an interface for “other blockchain networks to connect and integrate seamlessly.” 

Among other use cases, the system will allow for faster and cheaper cross-border payments in multiple currencies, foreign currency exchange, and settlement of currency-denominated securities, Reuters.


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