Phase 5 saw MAS develop a blockchain-based payment network prototype with J.P. Morgan and Temasek that enables multi-currency payments to be conducted on the same network. The report, which Accenture was commissioned to publish, studies the use of blockchain technology in commercial applications across different industries, and how these could benefit from integrating with the prototype. Its findings were based on workshops conducted with more than 40 financial and non-financial firms engaged in Phase 5 of Project Ubin.
SINGAPORE (July 13): The Monetary Authority of Singapore (MAS) and Temasek Holdings today published a report to mark the successful conclusion of the fifth and final phase of Project Ubin. Mooted in 2016 to explore the use of Blockchain and Distributed Ledger Technology (DLT) for clearing and settlement of payments and securities, the report marks the conclusion of the fifth and final phase of the nearly-half-decade long project.
“As with all innovation adoption, there is a time for experimentation, and a time for commercialisation. Project Ubin has worked with the financial industry and blockchain community on a journey of experimentation, prototyping and learning. This has built a strong foundation of knowledge, expertise and experience, and paved a path towards commercial adoption,” announces Sopnendu Mohanty, Chief Fintech Officer at MAS.
