JPMorgan and DBS Team Up to Launch Blockchain Platform for Cross-border Payments
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Banking giants JPMorgan and DBS have teamed up with state-owned investment firm Singapore Temasek to create a new blockchain company to improve cross-border payments, JPMorgan has announced through a statement.

The new company, called Partior, will use blockchain tech and digitize commercial bank money in order to reduce existing friction in cross-border payments, trade transactions and currency settlement.

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Once the platform goes live, it will enable financial institutions and developers to jointly create applications that support forex payment versus payment, delivery versus payment and peer-to-peer escrows.

Partior is initially expected to be used to facilitate payments between Singapore-based banks in both Singapore dollars and US dollars. However, it is expected to expand its range of application to other markets and various currencies.

It should be noted that the platform is also intended to complement central banks' digital currency (CBDCs) projects and use cases.

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