MAS finishes work on prototype blockchain payments system

Singaporean central bank and investment fund will share details of blockchain-based payments system

Monetary Authority of Singapore
The Monetary Authority of Singapore
George Johnson

The Monetary Authority of Singapore has completed the final experimental phase of its joint project to create new electronic clearing and settlement systems.

The MAS and Temasek, Singapore’s state-owned investment fund, announced on July 13 that they have finished the fifth stage of “Project Ubin”.  

The two agencies say the project’s final phase tested a blockchain-based prototype that enables payments to be carried out in different currencies on the same network. It also tested the prototype

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ACI Worldwide powers 26 domestic and pan-regional real-time payments schemes across six continents, including 10 central infrastructures, providing solutions to central banks, participant banks, fintechs and other payment service providers

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