Singapore's central bank, the Monetary Authority of Singapore (MAS), has announced it completed development and testing of a blockchain-based multi-currency payments network called Project Ubin.
According to an official press release, the blockchain-based network is ready for commercial applications across different industries.
"These benefits were validated through workshops conducted with more than 40 financial and non-financial firms engaged in Phase 5 of Project Ubin," the MAS wrote in the announcement.
The watchdog claims the commercial applications of the payments network prototype include cross-border payments in multiple currencies, foreign currency exchange, settlement of foreign currency denominated securities, as well as integration with other blockchain-based platforms to enable end-to-end digitalization across many industries and use cases.
The network was developed in collaboration with an American multinational investment bank, JP Morgan, and Temasek, a Singaporean holding company.
MAS Chief Fintech Officer Sopnendu Mohanty says 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. Following the successful experimentation over five phases, we look forward to greater adoption and live deployment of blockchain technology," Mohanty added.
Previously iHodl reported that the Payment Services Act, Singapore's new legal framework to regulate cryptocurrencies and digital payments, has come into force.
According to the official statement of MAS, the new law will help "strengthen consumer protection and promote confidence."
The aim of the law, which was approved back in January last year, is to regulate companies in the digital payments' industry, including "new types of payment services, such as services based on digital payment tokens." Therefore, all crypto exchanges and cryptocurrency companies must comply with the law.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.
Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.