Monetary Authority of Singapore (MAS) revealed details of Project Ubin, central bank’s ongoing initiative for using blockchain to facilitate inter-banking payments

Briefing

October 7, 2017

Briefing	Project Ubin – Singapore central bank’s ongoing initiative for issuing digital tokens of Singaporean dollar on private Ethereum blockchain to facilitate inter-banking payments Payment Platform – Will enable banks to transact in global markets at any hour, with instant transfer of funds between participants, as well as cross-border payments, trading and settlement process, and automation of securities through smart contracts Organizations Involved – Include New York-based startup R3 and Association of Banks in Singapore (ABS) Expected Outcome – Aims to implement world’s first decentralized payment system with superior transactional privacy
Accelerator	Web3 Ecosystems, Tokens and Consensus Mechanisms
Market Disruption	Innovation, Competitiveness and Trade, New Payment Technologies, Unbundling Banking
Sector	Financial Services
Organization	Monetary Authority of Singapore (MAS), R3
Source	Das, S., "Singapore Central Bank reveals blockchain breakthrough in interbank payments", CCN, https://www.ccn.com/; Das, S., "Singapore’s Central Bank is developing a blockchain inter-banking payments platform with R3", CCN, https://www.ccn.com/; AcceleratingBiz analysis
Original Publication Date	October 6, 2017

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