23 October 2017
Register now

Singapore opens up on DLT trials

31 May 2017  |  9332 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  |  15173 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  |  8301 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  |  8948 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  |  7620 views  |  0 comments | 5 tweets | 7 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.fivedegrees.nlRegister now

Top topics

Most viewed Most shared
Mastercard to roll out blockchain APIMastercard to roll out blockchain API
19354 views comments | 28 tweets | 42 linkedin
HSBC partners Bud for open banking trialHSBC partners Bud for open banking trial
15166 views comments | 23 tweets | 32 linkedin
Sibos 2017: API or the highwaySibos 2017: API or the highway
10975 views comments | 12 tweets | 23 linkedin
Eight banks form joint venture to launch blockchain trade platformEight banks form joint venture to launch b...
9017 views comments | 14 tweets | 28 linkedin

Featured job

circa £250K total package
London

Find your next job