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Singapore’s blockchain-based payments system successfully completes its fifth and final phase

Project Ubin nears commercial launch after successfully proving its capabilities.

Image by: Unwicked / Wikimedia Commons

Tue, 14 Jul 2020, 13:08 pm UTC

Project Ubin, Singapore’s blockchain-based multi-currency payments network, is now almost ready for commercial launch. The project just completed its final testing and has proven how a network modeled after the prototype can benefit the financial industry.

The Monetary Authority of Singapore and the state investment firm Temasi joint announced that Project Ubin has successfully passed its fifth and final phase, Fintechnew.sg reported. With the final round of testing, it was proven that “an international settlement network, modeled after this payments network prototype, could enable faster and cheaper transactions compared to conventional cross-border payments channels.”

The project was started by the Monetary Authority of Singapore (MAS) in 2017 with the initial goal of developing a digitized Singapore dollar, according to Cointelegraph. The project then moved on to develop a blockchain-based system for clearing and payments settlement using the digital SGD.

In the recently concluded fifth and final phase of the project, MAS collaborated with the American investment bank JP Morgan and Temasek. The team was able to test the Project Ubin prototype through workshops with 40 financial and non-financial firms, according to TechCrunch.

MAS said that Project Ubin will provide an interface “other blockchain networks to connect and integrate seamlessly.” One of the advantages of the blockchain-based payments network is that it will allow not only cheaper and faster cross-border payments in multiple currencies. The platform also supports settlements of currency-denominated securities as well as foreign exchange.

“Project Ubin has worked with the financial industry and blockchain community on a journey of experimentation, prototyping, and learning,” MAS Chief Fintech Officer Sopnendu Mohanty, said. “This has built a strong foundation of knowledge, expertise and experience, and paved a path towards commercial adoption. Following the successful experimentation over five phases, we look forward to greater adoption and live deployment of blockchain technology.”

Meanwhile, Temasek Deputy Chief Executive Officer Chia Song Hwee expressed his excitement over the imminent commercialization of the project. “This validates Temasek’s efforts in exploring and building blockchain solutions focusing on digital identity, digital currencies and financial asset tokenization,” Hwee said. “We look forward to supporting commercialization efforts emanating from Project Ubin and other application areas, with a view to drive greater adoption of blockchain technology.”

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