Singapore says blockchain payments project ready for commercial rollout – ZAWYA

Singapore says blockchain payments project ready for commercial rollout – ZAWYA

Singapore says blockchain payments project ready for commercial rollout | ZAWYA MENA Edition HomeLegalCommercialArticleSingapore says blockchain payments project ready for commercial rollout Commercial applications of the prototype include cross-border payments in multiple currencies, foreign currency exchange, and settlement of foreign currency denominated securities    A Temasek logo is seen at the annual Temasek Review in Singapore July 7, 2016. SINGAPORE - Singapore has developed a blockchain-based payments network that could enable faster and cheaper international settlements, authorities said on Monday, adding that the next step was a commercial rollout.The final phase of the years-long 'Project Ubin' saw the Monetary Authority of Singapore team up with state investor Temasek and J.P. Morgan to develop the prototype multi-currency payments network."An international settlement network, modelled after this payments network prototype, could enable faster and cheaper transactions than conventional cross-border payments channels," MAS and Temasek said in a joint statement.The final phase of the years-long 'Project Ubin' saw the Monetary Authority of Singapore team up with state investor Temasek and J.P. Morgan to develop the prototype multi-currency payments network.SINGAPORE - Singapore has developed a blockchain-based payments network that could enable faster and cheaper international settlements, authorities said on Monday, adding that the next step