JPMorgan, Monetary Authority of Singapore to Build Multi-Currency Cross-Border Payment on Blockchain

JPMorgan, Temasek, along with the MAS, have come together to build a blockchain network that will enable multi-currency payments to be made on the same network. Increasing efficiency and cost-effectiveness for all parties involved.

Singapore’s central bank and financial regulatory authority, the Monetary Authority of Singapore (MAS) along with state-owned enterprise Temasek Holdings, and the largest bank in the US, JPMorgan Chase are working to develop a prototype based on blockchain that will allow payments in multiple currencies on the same network, reported Business Times.

MAS claims the reason for this new system is because it can potentially correct cost waste for businesses.

The network is still in the testing phase to insure the compatibility with commercial blockchain applications. The Singapore FinTech Festival and Singapore Week of Innovation and TeCHnology 2019 will introduce the successful tested applications.

“We hope this development will encourage other central banks to conduct similar trials, and we will make the technical specifications publicly accessible to accelerate these efforts,”

said MAS chief fintech officer Sopnendu Mohanty, Monday.

A Big Step Forward

The prototype payments network, created under Project Ubin will be providing interfaces for other blockchain networks to connect and integrate seamlessly. Technical specifications for connectivity interfaces will be released under the Apache License Version 2.0 for public access.

Additionally, the network will provide support for other use cases like escrow for trade, delivery-versus-payment (DvP) settlement with private exchanges, payment commitments for trade finance, and conditional payments.

“We look forward to linking up with more blockchain networks to improve cross-border connectivity. This will be a big step forward in making cross-border transactions faster, cheaper and safer,”

Mohanty said.

Project Ubin in Fifth Phase

MAS along with the financial industry is in its fifth phase of Project Ubin which also includes JPMorgan. Project Ubin uses blockchain and DLT to settle payments and securities.

It has already engaged over 40 financial and non-financial firms to explore the potential benefits of the blockchain-based network. The inclusion of non-financial services, Chia Song Hwee, president and chief operating officer of Temasek, said demonstrates that the nascent technology can also be used “beyond capital markets and trade finance.”

Accenture has been commissioned to publish a report describing the use cases that will benefit from the payments network and additional features it could provide, in early 2020.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

AnTy
AnTy
AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,471FansLike
2,795FollowersFollow
4,197FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

CFTC Chair Is Ready to List More Crypto Based Futures; Just Waiting on SEC's Clearance

The Chairman of Commodity Futures Trading Commission (CFTC), Heath Tarbert, has said that they are waiting for SEC clearance on more digital assets to...

Mercedes-Benz Parent, Daimler AG, Pilots PoC Supply Chain Data Sharing System with Ocean Protocol

Daimler AG, the Mercedes Benz carmaker, has partnered with the decentralized data-sharing platform - Ocean Protocol. The partnership would help the Daimler to store their...

Insufficient Clarity for Regulations And Taxes May Force US Investors Move On: Coinbase Tax VP

The Chief Tax Officer of Coinbase, Lawrence Zlatkin, believes that lack of clarity in the US' crypto taxes could alienate prospective investors. He shared...

Chinese Ride-Hailing Unicorn, Didi Chuxing, to Pilot Digital Yuan; First Mass Scale Use of DCEP

China's 'Uber,' Didi Chuxing, will test run the digital yuan according to an announcement on July 8. The Chinese ride-hailing unicorn has over 500...

Kyber Network Makes DeFi Debut Following a Protocol Upgrade and KyberDAO Mainnet Launch

Kyber Network has launched a protocol upgrade dubbed 'Katalyst' alongside Kyber DAO on the Ethereum mainnet as per a blog post yesterday by the...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today