19 August 2017
visit www.avoka.com

Singapore opens up on DLT trials

31 May 2017  |  8962 views  |  0 Singapore Building 1

Singapore is pushing ahead with its investigation into the use of a tokenised dollar on a distributed ledger for inter-bank payments.

First unveiled in November, Project Ubin saw the Monetary Authority of Singapore (MAS) team up with a consortium of banks and R3 to see how DLT can be used for the clearing and settlement of payments and securities, specifically the use of a tokenised form the Singapore dollar on a distributed ledger.

The work built on a similar Bank of Canada-led and R3-backed effort, called Project Jasper, which used a digital currency to enable interbank payments.

In a report on the Singapore effort, Deloitte says that the first six week phase of Ubin was a success, building a "working interbank transfer prototype on a private ethereum network".

While the Bank of Canada recently said that it has concluded that DLT is not ready to support an interbank payments system, MAS is pushing ahead with its investigation. The central bank thinks that the technology can improve domestic securities transactions, offering delivery-vs-payment settlement in cases where it is not already available.

And Ubin is now into its second phase, working in two areas: making the fixed income securities trading and settlement cycle more efficient through DLT; and conducting cross border payments using central bank digital currency.

Read the Deloitte paper here:» Download the document now 2.6 mb (Chrome HTML Document)

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Bank of Canada says DLT not ready for interbank payment system

Bank of Canada says DLT not ready for interbank payment system

25 May 2017  |  14593 views  |  1 comments | 27 tweets | 25 linkedin
MAS joins forces with World Bank's IFC to push Asian fintech innovation

MAS joins forces with World Bank's IFC to push Asian fintech innovation

24 May 2017  |  7919 views  |  0 comments | 9 tweets | 8 linkedin
MAS to extend DLT trials to securities settlement and cross-border payments

MAS to extend DLT trials to securities settlement and cross-border payments

09 March 2017  |  8703 views  |  0 comments | 6 tweets | 6 linkedin
R3 partners Singapore's MAS for blockchain lab

R3 partners Singapore's MAS for blockchain lab

09 November 2016  |  7356 views  |  0 comments | 5 tweets | 7 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.abe-eba.eudownload the paper nowvisit www.niceactimize.com

Top topics

Most viewed Most shared
Mobile contactless spending accelerating in UKMobile contactless spending accelerating i...
8519 views comments | 23 tweets | 23 linkedin
Norwegian banks and startups form fintech clusterNorwegian banks and startups form fintech...
7612 views comments | 19 tweets | 23 linkedin
RBS to bring Silicon Valley to EdinburghRBS to bring Silicon Valley to Edinburgh
6769 views comments | 10 tweets | 7 linkedin
hands typing furiouslyWhy Blockchain Might Not Be The Future For...
6295 views 1 | 5 tweets | 3 linkedin
Apple sidelined as Beijing transit system launches payments appApple sidelined as Beijing transit system...
6133 views comments | 11 tweets | 9 linkedin

Featured job

Competitive
New York, NY - USA (some flexibility on location)

Find your next job