Singaporean government-owned investment house Temasek and the Monetary Authority of Singapore (MAS) have wrapped up the final phase of describing a framework for using blockchain technologies to execute secure global transactions involving multiple currencies, the organizations said today in a joint news release.
The work was part of a five-phase endeavor called Project Ubin.
“An international settlement network, modeled after this payments network prototype, could enable faster and cheaper transactions than conventional cross-border payments channels,” the two organizations wrote.
The framework is outlined in a 75-page report published by the two organizations with help from consultancy Accenture.
“The next leap will be in implementing live commercial solutions to solve real-world challenges,” the company and government agency wrote.
Temasek was recently valued at about $215 billion.
The fund recently joined Facebook’s Libra Association, which exists to help form policy for the Libra payment network.
In today’s announcement, Lay Lim Teo, Accenture’s country managing director for Singapore, said, “Through Project Ubin, we have identified areas where blockchain-based solutions can be deployed at scale and drive greater payment efficiency across industries. The financial ecosystem is an integral part of Singapore’s ambition to be a Smart Nation. The collaboration between financial and non-financial firms to create the network necessary to support multi-currency payments will also drive new products and services that generate new revenue streams.”
Chia Song Hwee, deputy chief executive officer of Temasek, said, “Blockchain technology has great potential in transforming businesses and opening up new business opportunities. Phase 5 of Project Ubin has demonstrated the commercial applicability, viability and benefits of blockchain technology across industries, beyond capital markets and trade finance. This validates Temasek’s efforts in exploring and building blockchain solutions focusing on digital identity, digital currencies and financial asset tokenization. We look forward to supporting commercialization efforts emanating from Project Ubin and other application areas, with a view to drive greater adoption of blockchain technology.”