Monetary Authority of Singapore (MAS) announced the successful conclusion of the fifth and final phase of Project Ubin, a blockchain-based multi-currency payments network prototype developed in collaboration with J.P. Morgan and Temasek.
In a joint report titled “Project Ubin Phase 5: Enabling Broad Ecosystem Opportunities”, MAS highlighted the commercial potential of the payments network prototype.
Phase 5 of Project Ubin had examined the use of blockchain technology in commercial applications across different industries. It also looked into how these applications could benefit from integrating with the blockchain-based payments network prototype developed. These benefits were validated through workshops conducted with more than 40 financial and non-financial firms.
"Project Ubin has worked with the financial industry and blockchain community on a journey of experimentation, prototyping and learning. This has built a strong foundation of knowledge, expertise and experience, and paved a path towards commercial adoption," said Sopnendu Mohanty, Chief FinTech Officer, MAS.
"Following the successful experimentation over five phases, we look forward to greater adoption and live deployment of blockchain technology.”
The multi-currency payments network prototype aims to serve as a test network to facilitate collaboration with other central banks, as well as the financial industry for developing next generation cross-border payments infrastructure. Technical specifications for the functionalities and connectivity interfaces of the prototype network have been made publicly available to spur further industry development, MAS added.