By
Temitope Olatunji
April 16th, 2024
The Monetary Authority of Singapore stated that the Ubin project can be integrated with similar blockchain platforms enabling end-to-end digitization.
Singapore’s regulator, the Monetary Authority of Singapore (MAS), has announced in a joint statement that it concluded tests on its blockchain payment platform known as Project Ubin. The statement released in conjunction with Temasek stated that the platform will facilitate international remittances at a faster rate.
The report stated that the project has gone through a series of tests that culminated in passing its fifth developmental stage. According to the report, this would be beneficial to the blockchain and finance industries.
Ubin to Let Use Digital Currency for International Remittances in Singapore
It added that in its fifth phase, Project Ubin was used in the facilitation of international payments in several national currencies. The stage also validated the smart contract protocol of the project.
Sopnendu Mohanty, the Chief FinTech Officer of MAS said that the platform has worked with relevant industries in learning relevant aspects of the innovation that enabled the prototyping of a payment system. He said that the agency considers that it’s time to commercialize the Ubin. This would be after the blockchain deployment is made public.
According to the statement, the Ubin can be integrated with similar blockchain projects enabling end-to-end digitization.
Mr. Chia Song Hwee, the Deputy Chief Executive of Temasek, the joint partner in the project said:
“Blockchain technology has great potential in transforming businesses and opening up new business opportunities. Phase 5 of Project Ubin has demonstrated the commercial applicability, viability and benefits of blockchain technology across industries, beyond capital markets and trade finance.”
Hwee said that the success of the project accentuates the firm’s expertise as a builder of blockchain solutions with an emphasis on the tokenization of financial assets. He said that the company will support the commercialization of the Ubin.
The Singapore regulator first initiated the project in 2017 with the objective to create a digital version of the Singapore dollar. The project has been expanded to enable international settlements of securities and payment across borders using its platform.
Collaboration with Leading Investment Firms
The final rollout of Project Ubin was carried out in conjunction with U.S. investment banking company JPMorgan and the Singapore-based Temasek.
Singapore is considered a blockchain haven. Aside from the government’s interest in central bank-backed digital currency, the state is home to many Blockchain startups. MAS managing director Ravi Menon had last month announced that the agency would collaborate with China in its experiment with its state-backed digital currency.