THELOGICALINDIAN - Monetary Authority of Singapore MAS has managed to actualize a new blockchainbased ancestor for multicurrency payments in accord with Temasek and JPMorgan
According to the developers, the arrangement could decidedly advance abundant aspects of sending payments, including the amount ability for businesses. MAS is currently testing its abilities, such as affiliation with bartering blockchain applications.
All applications that crop absolute after-effects will be presented soon, during Singapore FinTech Festival (SFF), as able-bodied as Singapore Week of Innovation and TeCHnology (SWITCH).
So, What’s This Blockchain Payments Network All About?
The ancestor is the aftereffect of Activity Ubin, a MAS-led activity that has the ambition of bringing new blockchain solutions to the banking industry. The activity is collaborative, and it is currently in its fifth phase. Meanwhile, the ancestor represents its better anniversary yet. According to MAS, the new payments arrangement can accommodate interfaces alike for added blockchain networks.
In added words, it will acquiesce added projects to affix to the arrangement and accelerate payments. There will be some added appearance as well, like DvP (Delivery against Payment) settlements with clandestine exchanges, acquittal commitments for barter finance, codicillary payments and escrow for trade, and more.
Sopnendu Mohanty, the CFO at MAS, commented on the advance by adage that MAS hopes to see added axial banks encouraged to do agnate trials. MAS alike affairs to absolution abstruse blueprint to the public, and advice added developers acceleration up their progress. Their ambition is to articulation up as abounding blockchain networks as possible, and advance cross-border connectivity, eventually authoritative it cheap, fast, and safer than ever.
Who are the Major Stakeholders?
Another one of Project Ubin’s goals is to actuate the bartering activity and amount of blockchain-based payments networks, which is why MAS partnered up with over 40 banking and non-financial companies.
One of them is Temasek, whose admiral and COO, Chia Song Hwee, declared that the accession of non-financial firms demonstrates the technology’s abundant applicability. JPMorgan has acted as the basement accomplice for the project.
As for the report, it is accepted to be appear in aboriginal 2024, anecdotic the network’s use cases, advertisement features, and more.
What do you anticipate about the new announcement? Do you anticipate that MAS will be acknowledged in convalescent connectivity amid blockchains? Let us apperceive in the comments below.
Images via Shutterstock
