The Monetary Authority of Singapore (MAS), the Bank of Singapore, has developed together with J. P. Morgan a Blockchain network for cross-border payments. The block chain based network Ubin supports transactions in multiple currencies on the same platform and performs payment transactions via a single interface.
Moritz wire
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“Ubin” is a joint project of banks and industry, which focuses on the application of the Distributed Ledger technology (DLT) for the settlement of transactions and securities. The Ubin network is a decentralized interbank payment system. This Delivery-versus-Payment functions (DvP) for the settlement of the tokenized Assets through various Blockchain-platforms possible. Through the network, ensuring the automation of DvP settlement processes with Smart Contracts.
According to the press release Ubin interfaces provides for other block chain-based networks, with which the respective systems are seamlessly integrated in the payment. In addition, the network provides additional functions, such as Delivery-versus-Payment settlement with the private exchanges.
Sopnendu Mohanty, Chief technology Officer of MAS, said:
There is increasing evidence to suggest that block-chain based payment networks are able to increase cost efficiency and create new opportunities for businesses. We hope that this development will encourage other Central banks, similar Trials are carried out, and we will make the technical specifications publicly available, in order to accelerate these efforts. We look forward to networking with other Blockchain networks to improve cross-border connectivity. This will be a great step forward, in order to make cross-border transactions faster, cheaper and safer.
With the prototype begins the last Phase of the Ubin project, in the economic applicability of the network is put to the test. In this project, more than 40 companies have participated, in order to document the potential benefits and possible weaknesses. The corresponding successfully tested applications will be presented at the Singapore FinTech Festival and the Singapore Week of Innovation and TeCHnology in 2019.
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The block chain based network Ubin, which was developed in cooperation of MAS with J. P. Morgan and Temasek, is for companies and large customers, which could reduce your company’s costs in the case of TRANS-national Transfers.
Chia Song Hwee, President & Chief Operating Officer at Temasek, told thus:
The Blockchain technology has great potential in the Transformation of companies and the development of new business opportunities. To understand the impact and value of the Blockchain technology better, we are pleased to be with MAS, and J. P. Morgan, a partnership for the Ubin-platform received. The inclusion of Non-financial services providers has shown that the Blockchain technology is about the capital markets and the trade financing is also applicable.
In the project have cooperated with the Central banks of Canada (BoC), of England (BoE) and Singapore (MAS). The three banks have, accordingly, published a report, the alternative models evaluated, the cross-border payments could improve. MAS and BoC have linked their respective national payment networks through Project Ubin and Project Jasper and the cross – border and cross-currency payments with digital currencies, the Central banks have already been successfully tested.
A detailed report on the project Ubin, the Tech services provider Accenture is expected to be released in early 2020.
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