The Financial Authority of Singapore (MAS) and state funding agency Temasek announced as we speak that Undertaking Ubin, its blockchain-based multi-currency funds community, has confirmed its business potential after assessments with greater than 40 corporations.
The initiative was launched in 2016. A prototype developed by Temasek and J.P. Morgan started present process testing final yr to see how properly it might combine with business blockchain purposes.
A report released today, commissioned by MAS and Temasek, mentioned Undertaking Ubin’s prototype was validated by way of workshops with greater than 40 monetary and non-financial corporations. Its potential makes use of embrace quicker, less expensive cross-border transactions; international foreign money change; and sensible contracts for escrow and commerce.
The report additionally mentioned that Undertaking Ubin’s prototype can probably pave the best way to allow extra collaborations with central banks and different monetary establishment to construct higher cross-border funds networks.
In an announcement, Chia Music Hwee, Temasek’s deputy chief govt officer, mentioned “This validates Temasek’s efforts in exploring and constructing blockchain options specializing in digital id, digital currencies and monetary asset tokenization. We look ahead to supporting commercialization efforts emanating from Undertaking Ubin and different software areas, with a view to drive higher adoption of blockchain expertise.”