As the digital currency world continues to grow in Singapore, the blockchain payments project Ubin will be launched.
According to a report in Cointelegraph, the Monetary Authority of Singapore undertook Project Ubin in 2017. Their primary aim was to develop a digitized shop in Singapore.
The next steps involved exploring blockchain and distributed ledger technology to build a system for the clearing and settlement of payments and securities using digital SGD.
MAS worked in collaboration with the Singapore-based investment company Temasek and the American investment bank JPMorgan.
MAS had successfully completed the development of the payments network prototype in November 2019. The authority has since been testing the system for its ability to function smoothly with commercial blockchain applications.
According to official announcement, other blockchain networks to connect and integrate seamlessly.
The Managing Director of MAS Ravi Menon said Singapore is working with China.