The authorities in Singapore announced today that their blockchain payment project called Ubin has been completed and is ready for a commercial start. The Singapore financial authority MAS started the Ubin project for the first time in 2017. The first step was to develop a digitized Singapore dollar (SGD). The next step was to explore blockchain and distributed ledger technology to develop a system for clearing and settling payments and securities using digital SGD. For the final phase of the project, MAS worked with the Singapore investment company Temasek and the American investment bank JPMorgan.
Prototype development made
MAS completed development of a prototype of the payment network in November 2019. The authority has been testing the system since then. The focus is on the smooth functioning with commercial blockchain applications.
According to an official announcement from MAS, the payment network should offer an interface for “other blockchain networks for seamless connection and integration”.
Among other things, the system should enable faster and cheaper cross-border payments in multiple currencies, the exchange of foreign currencies and the settlement of currency-denominated securities, according to Reuters.