The Monetary System of Singapore (MAS) has <a href="https://www.mas.gov.sg/-/media/MAS/ProjectUbin/Project-Ubin-Phase-5-Enabling-Broad-Ecosystem-Opportunities.pdf?la=en&amp;hash=91091CAD39265C03FF7A4253E70FBEE6D1177714" target="_blank" rel="noopener">developed</a> a blockchain-based remittance network for international payment, along with Temasek, stated in a joint report, published on July 13.

The authority has basically made an announcement regarding the completion of the fifth and final phase of their Project Ubin. It gave in-depth information about the multi-currency network prototype which is based on blockchain. The MAS further in its report explained that the network prototype could be beneficial for financial as well as blockchain industry.
<h2>JPMorgan And Temasek Helps MAS In Developing Network Prototype</h2>
The notification released by the authority in Singapore stated that it collaborated with JPMorgan and Temasek to create a network prototype which not only could process the payment fastly but also cheaply.

Further, it has been mentioned that presently they have released the technical specification and connectivity interface of prototype network fo the development of industries.

In phase 5 of Project Ubin, the payment in different currencies was settled on the same network by its prototype.

The regulatory body of Singapore has further mentioned that compared to conventional cross-border payment networks, the newly created channel, by the authority, is much faster and cheaper for processing international payment.
<h2>Use Smart Contracts</h2>
As the Project Ubin reached its final stage, the authorities approved the usage of smart contracts on the prototype of the payment network.

Recently, while sharing his view on Project Ubin, the Chief FinTech Officer at MAS, Sopnendu Mohanty, said, “As with all innovation adoption, there is a time for experimentation and a time for commercialisation.” He further stated that financial industries and blockchain community are already using the Project Ubin for experimenting, prototyping and learning.

Mohanty additionally said that as the Project has completed all the five phases, now the authority is anticipating a greater adoption of it along with the live deployment of blockchain technology.

The regulators in their statement have mentioned that other blockchain-based platforms could also add the network to start an end-to-end digitalisation.

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MAS To Soon Introduce Project Ubin For Commercial Usage

The MAS has developed a blockchain-based remittance network for international payment, along with Temasek, stated in a joint report, published on July 13.

Jyoti is a graduate from GGSIPU and has done her PG Diploma in English Journalism from IIMC. Presently, she is working as a content writer with Agio Support Solution Pvt. Ltd. Her aim is to provide informative content about cryptocurrency and blockchain, to the tech-enthusiasts.

MAS To Soon Introduce Project Ubin For Commercial Usage

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