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Singapore Launches National Payment Network on Digital Currency Blockchain

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Singapore

Singapore authorities announced the completion of a project for a payment network on the blockchain. Next in line is the commercial launch of the Ubin network.

Singapore

What is Ubin?

Project Ubin is a collaborative project with the industry to explore the use of Blockchain and Distributed Ledger Technology (DLT) for clearing and settlement of payments and securities.

The project aims to help MAS and the industry better understand the technology and the potential benefits it may bring through practical experimentation. This is with the eventual goal of developing simpler to use and more efficient alternatives to today’s systems based on central bank-issued digital tokens.

About the development of digital Singapore dollar

The Monetary Authority of Singapore (MAS), part-time Central Bank of the country, began work on the Ubin project in 2017. It was planned to develop a digital version of the Singapore dollar (SGD). The next steps included the study of blockchain technology and a distributed registry to build a clearing system (cashless payments between countries, companies, enterprises, and banks) and settlements on payments and securities using digital Singapore dollars.

At the final stage of the project, MAS collaborated with Singapore-based investment company Temasek and renowned US investment bank JPMorgan. Work on the prototype of the payment network was completed in November 2019. From November to July, the project was in the testing phase – the regulator tested the ability to function smoothly with commercial blockchain applications.

The system will allow faster and cheaper to make cross-border payments in several currencies, to exchange foreign currencies, and also to carry out settlements on securities denominated in foreign currencies.

Singapore will cooperate with China

singapore

Last month, Ravi Menon, managing director of MAS, said the country plans to work closely with China to experiment with the Сentral Bank’s Digital Currencies (CBDC).

In addition to government-supported blockchain projects, blockchain and crypto innovations are also thriving in Singapore’s private sector. Over the past 12 months in Singapore, the number of blockchain companies has grown by 50%.

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