Singapore’s MAS and JPMorgan develop payments blockchain system

Posted 11 November, 2019

The Monetary Authority of Singapore (MAS), the country’s central bank has unveiled a blockchain-based prototype for cross-border payments. Singapore’s Central Bank, the Monetary Authority of Singapore (MAS) has partnered with investment banking giant JP Morgan and Temasekan investment firm owned by the Singapore government.

“There is growing evidence now that blockchain-based payments networks are able to enhance cost efficiencies and create new opportunities for businesses.” - said Sopnendu Mohanty, chief fintech officer of MAS.

The prototype comes as a part of Project Ubin’s fifth phase. The latter was started in November of 2016 by MAS in collaboration with Singapore’s financial services industry for exploring blockchain-based payment settlements and securities.

“J.P. Morgan is excited to be an infrastructure partner of MAS and Temasek for Phase 5 of Project Ubin. By leveraging our key learnings from building the Interbank Information Network® (IIN) and the JPM Coin.'' - said, John Hunter, Global Head of JPMorgan Clearing and Interbank Information Network (IIN).

MAS hopes to inspire other central banks to take similar initiatives and promises to release technical specifications to help them. Singapore has published a taxation procedure for goods and services (GST) for cryptocurrency transactions that are used as a medium of exchange. 

Facebook and the central bank of Singapore discussed the cryptocurrency project of the social network. The Central Bank of Singapore also wants to simplify the exchange of cryptocurrencies.

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