Singapore blockchain payment project Ubin will be commercialized

The Singapore authorities announced that they have developed a blockchain payment network that enables faster and cheaper international settlement, and will soon be commercialized. In the final stage of the Ubin Project, which lasted for several years, the Monetary Authority of Singapore (MAS) worked with Temasek and JPMorgan to develop a multi-currency payment network prototype. Commercial applications include cross-border payments in multiple currencies, foreign currency exchange, settlement of foreign currency-denominated securities, and other use cases. In order to promote the further development of the industry, MAS and Temasek said that they will provide the public with some technical specifications of the prototype network.