The central bank of Singapore leverages Blockchain technology to facilitate cross-border payments. In a collaboration with global investment bank JP Morgan, the Monetary Authority of Singapore or MAS and investment firm Temasek, a prototype has already been developed.

MAS made a public statement saying that the Blockchain prototype allows payments to be conducted in varied currencies on the same platform. Sopnendu Mohanty, chief fintech officer, MAS said,

“There is growing evidence now that Blockchain-based payments networks can enhance cost efficiencies and create new opportunities for businesses.”

Get Blockchain Powered Cross Border Payment Solutions

He further claimed that

“We will make the technical specifications publicly accessible to accelerate these efforts. We look forward to linking up with more Blockchain networks to improve cross-border connectivity. This will be a big step forward in making cross-border transactions faster, cheaper, and safer.”

This payment prototype is a part of Project Ubin’s fifth phase. This project is a collaboration between MAS and the financial services sector of Singapore that started in November 2016. The aim is to explore the prospects of Blockchain through applications in payment processing.

Read More: Germany’s CommerzBank Talks with HashCash for Cross Border Payments

John Hunter, global head of clearing and IIN, JP Morgan, mentioned,

” JP Morgan is excited to be an infrastructure partner of MAS and Temasek for Phase 5 of Project Ubin. By leveraging our keys learnings from building the Interbank Information Network (IIN) and the JPM Coin, JP Morgan is well-positioned to support the development of Blockchain-based payments network and operate at scale.”

A detailed report describing the Blockchain use cases for payment structure in Project Ubin will be published in 2020, as per reports.