Singapore`s Central Bank Completes A Blockchain Payments Project

Singapore`s Central Bank Completes A Blockchain Payments Project

The Monetary Authority of Singapore (MAS), the nation`s central bank, has completed its blockchain inter-bank payments proof-of-concept (PoC) pilot.

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The Monetary Authority of Singapore (MAS), the nation`s central bank, has completed its blockchain inter-bank payments proof-of-concept (PoC) pilot.

MAS has first announced the development of the PoC back in November 2016. The project has been realized in collaboration with New York-based blockchain start-up R3 and aims to develop a payments platform that uses smart contracts to allow instant inter-bank payments.

“The project has achieved the objectives of producing a digital representation of the Singapore dollar for interbank settlement, testing methods of connecting bank systems to a DLT, and making the MAS Electronic Payment System (MEPS+) interoperate with the DLT for automated collateral management.”, announced MAS in their press release available at mas.gov.sg.

The implementation of blockchain technology may find application in cross-border payments, trading and settlement and automation of securities issuance through smart contacts, stated cryptocoinnews.com.

The testing process has confirmed that current banking systems are interposable with the MAS and R3-developed blockchain, added the publication.

“We have always believed that true progress in advancing the implementation of distributed ledger technology in financial services would be achieved by bringing central banks, commercial banks and technology partners together in an open setting.”, commented Tim Grant, CEO of R3`s Land and Research Center, who is also a member of MAS` International Technology Advisory Panel.

“This effort has confirmed that harnessing the power of collaborative networks can yield demonstrable results and we hope that the progressive stance of all the participants in this project, and especially that of MAS, will inspire similar work in other jurisdictions going forward.”, he concluded as quoted by mas.gov.sg.

According to MAS` Fintech chief Sopnendu Mohanty, the next phases of the project will be a time to develop trial applications for securities settlement and cross border payments.

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