The Monetary Authority of Singapore has always been at the forefront to make Singapore into a Global Financial Centre and within it, to transform Singapore into a Smart Financial Centre. They have been working with startup FinTech companies to make use of technology to innovate and retain a competitive edge in the global finance industry.
For those who have been hearing negative news about blockchain and how it supports criminals money laundering, check this out! The MAS announced in March that it had completed domestic SGD interbank payments using blockchain, affectionately known as Project Ubin. The participants of the proof of concept project included the local big 3 banks, ie DBS, OCBC and UOB as well as some offshore banks.
What this means is that MAS is itself a proponent of blockchain technology for interbank payments. Specifically this was run on the Ethereum network, and the project findings will be a basis for resolution of issues encountered and for future development.
This might in the near future be running alongside the existing MAS Electronic Payments System+ (MEPS+) for SGD high value interbank payments and may eventually replace it!
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