MAS, JPMorgan Build Payments System With Inter-Blockchain Connectivity
The Monetary Authority of Singapore (MAS), the city-state’s central bank, has completed development of a blockchain-based cross border payments system that can support a range of currencies.
Carried out as part of the ongoing Project Ubin initiative, the prototype platform was developed in partnership with investment banking multinational JPMorgan and Singapore government-owned investment firm Temasek. It’s now being tested to see if it lives up to its promise as a means to cut costs for businesses and to gauge its ability to connect with different commercial blockchain applications, MAS said on Monday.