Blockchain Payments Project by MAS Ready for Commercial Rollout
(20 July 2020 – Singapore) Singapore has developed a blockchain-based payments network that enables payments to be carried out in different currencies on the same network.
The network prototype, developed by the Monetary Authority of Singapore (MAS) in collaboration with JP Morgan and Temasek, is on track for commercial adoption.
It can serve as a test network to facilitate collaboration with other central banks and the financial industry for developing next-generation cross-border payments infrastructure.
“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.
Commercial applications of this 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 digitalisation across many industries and use cases.
To spur further industry development, technical specifications for the functionalities and connectivity interfaces of the prototype network will be made available to the public.