Singapore’s MAS blockchain payments platform project Ubin is ready for launch

• Earlier this week, authorities in Singapore announced at their blockchain payments project, project Ubin was complete and ready for launch.
• They initially had plans to develop a digitised Singapore dollar with the next steps involving the exploration of blockchain and distributed ledger technology. 

Earlier this week, authorities in Singapore announced at their blockchain payments project, project Ubin was complete and ready for launch.

The project first started in 2017 by the monetary authority of Singapore (MAS). They initially had plans to develop a digitised Singapore dollar with the next steps involving the exploration of blockchain and distributed ledger technology. This would help them build a system for the clearing and settlement of payments and security is using this digital dollar.

When looking into the final phase of the project, the Singapore-based authority worked in collaboration with another local based investment company known as space as well as the American investment banking giant, JP Morgan Chase. 

In November last year, MAS had successfully completed the development of the payments network prototype and ever since they have been testing the system for its ability to function in a smooth and easy fashion with commercial blockchain applications. 

According to the official announcement by MAS, this payments network will give an interface for other networks in blockchain to connect almost instantly.

As it states in the announcement:

The first cohort of blockchain applications that were tested successfully were showcased at the Singapore FinTech Festival 2019. This included projects by industry partners like CapBridge, Hashstacs, Digital Ventures, and Digital Asset, where they showcased their respective blockchain-based applications, and how they were able to test out integration with the Ubin prototype network for transaction processing.

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!