Project Ubin

These projects — many of which are ongoing — involve the areas of remittance, atomic settlement and programmable money.

The MAS will collaborate with international partners to explore a broader range of atomic settlement solutions.

CBDCs have been piloted by 80% of global central banks. The PBOC has piloted E-CNY in Shenzhen, Shanghai and other cities.

According to Sopnendu, central banks around the world are sitting up and taking notice of the power of blockchain technology.

“Everything we do in FinTech must always have a larger purpose — to improve the lives of individuals, to build a more dynamic economy, to promote a more inclusive society,” - Ravi Menon, MAS Managing Director

Expect a gradual rollout of blockchain solutions for the fintech sector in the near future.

SINGAPORE (Nov 18): “I think, from their perspectives, things only get serious when their kids can’t go to school, and they can’t get their lattes and go to yoga.” — Unnamed foreign executive, to the Financial Times, referring to the expatriate

SINGAPORE (Mar 7): Ravi Menon, managing director of the Monetary Authority of Singapore (MAS), says the central bank is committed to partnering global financial institutions and companies to realise the potential of blockchain technology in Singapore.

SINGAPORE (Nov 12): The Monetary Authority of Singapore (MAS) and Singapore Exchange (SGX) have succesfully developed Delivery versus Payment (DvP) capabilities for the settlement of tokenised assets across different blockchain platforms.