The Monetary Authority of Singapore (MAS) and state-owned investment firm Temasek announced today that the Ubin project, its blockchain-based multicurrency payment network, has proven its commercial potential after trials with over 40 companies.
The initiative was launched in 2016. A prototype developed by Temasek and JP Morgan began testing last year to see how well it will integrate with commercial applications of blockchain.
In the published report, it is said that, commissioned by MAS and Temasek, the prototype of the Ubin project was tested with the participation of more than 40 financial and non-financial companies. Its potential uses include faster and less expensive cross-border transactions; currency exchange; and smart contracts for escrow and trading.
The report also says the Ubin project prototype has the potential to pave the way for increased collaboration with central banks and other financial institutions to build better international payment networks.
In a statement, Mr. Chia Song Hwee, Temasek’s deputy chief executive officer, said: “This validates Temasek’s efforts in exploring and building blockchain solutions focusing on digital identity, digital currencies and financial asset tokenization. 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.”
The launch of the Ubin project will create a new settlement system for both domestic and international payments, followed by conversion into fiat currencies.
Today we are on the verge of creating a new global system of mutual settlements in all spheres of the world economy, created on the basis of the introduction of blockchain technology.