The Monetary Authority of Singapore said its Blockchain based payments platform, Project Ubin has entered its final stage and is ready for commercial use.
Project Ubin is a collaborative project with top financial institutions and technology firms aimed at exploring the use of Blockchain and Distributed Ledger Technology (DLT) for cheaper and faster cross-border payments on multiple currencies, foreign exchange and settlement of securities.
The project initially started in November 2016 and involved five phases, with each phase having a span of one year.
The final phase of Project Ubin saw the Monetary Authority of Singapore team up with the Singapore based investment company Temasek and the American bank JPMorgan to develop the Blockchain based payments prototype that enables payments to be carried out in different currencies on the same network.
“An international settlement network, modelled after this payments network prototype, could enable faster and cheaper transactions than conventional cross-border payments channels,” MAS and Temasek said in a joint statement repoted by Reuters.
MAS successfully completed development of the payment prototype in November 2019.
The current phase of Project Ubin, which is the final phase is aimed at determining the commercial viability and value of the blockchain-based payments network.
Project Ubin is currently undergoing industry testing to determine its ability to be used and integrated with commercial blockchain applications.