Singapore authorities announced today that their blockchain payments project, Project Ubin, is complete and ready for commercial launch.
The Monetary Authority of Singapore, or 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 had 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, reported Reuters.
Leader in blockchain and crypto innovation
Last month, Ravi Menon, the managing director of the MAS, stated that the country was planning to work in close collaboration with China to experiment with a central bank digital currency.
Apart from the government-backed blockchain projects, Singapore’s private sector is also booming with blockchain and crypto innovation. In the past 12 months, Singapore has seen a 50% growth in the number of blockchain companies across the country.