Singapore, July 14 -- Singapore has developed a blockchain-based payments network that enables payments to be carried out in different currencies on the same network, the Monetary Authority of Singapore (MAS) and investment company Temasek said yesterday.
The network prototype - which is on track for commercial adoption - can serve as a test network to facilitate collaboration with other central banks and the financial industry for developing next-generation cross-border payments infrastructure, the authority said.
The network was developed by MAS, in collaboration with JPMorgan and Temasek.
A report on the final phase of Project Ubin, a collaborative project between Singapore's central bank and the financial industry to test the use ...