MAS, Temasek develop blockchain-based prototype for multi-currency payments

Photo: Reuters

The Monetary Authority of Singapore (MAS), Temasek Holdings and J.P. Morgan have developed a blockchain-based prototype allowing payments to be made in multiple currencies on the same network.

The prototype is currently undergoing industry testing to determine its ability to integrate with commercial blockchain applications. It has been developed as part of Project Ubin, a collaborative project that aims to explore the use of blockchain and distributed ledger technology (DLT) for clearing and settlement of payments and securities.

“There is growing evidence now that blockchain-based payments networks are able to enhance cost efficiencies and create new opportunities for businesses. We hope this development will encourage other central banks to conduct similar trials, and we will make the technical specifications publicly accessible to accelerate these efforts,” said MAS chief fintech officer Sopnendu Mohanty.

The prototype payments network will provide interfaces for other blockchain networks to connect and integrate seamlessly, MAS said in its statement. Other features to support use cases can be made as a result, such as delivery-versus-payment (DvP) settlement with private exchanges, conditional payments, escrow for trade and payments for trade finance.

Chia Song Hwee, president & chief operating officer of Temasek, said: “Blockchain technology has great potential in transforming businesses and opening up new business opportunities…The inclusion of non-financial services companies has demonstrated applicability of blockchain technology beyond capital markets and trade finance.”

Over 40 financial and non-financial firms have been engaged to explore the benefits of the prototype network.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.