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Project Ubin, the Singaporean money authority’s blockchain initiative, moves closer to commercialization

The Monetary Authority of Singapore (MAS) and state investment firm Temasek announced today that Project Ubin, its blockchain-based multi-currency payments network, has proven its commercial potential after tests with more than 40 companies.
The initiative was launched in 2016. A prototype developed by Temasek and J.P. Morgan began undergoing testing last year to see how well it would integrate with commercial blockchain applications.
A report released today, commissioned by MAS and Temasek, said Project Ubin’s prototype was validated through workshops with more than 40 financial and non-financial firms. Its potential uses include faster, less costly cross-border transactions; foreign currency exchange; and smart contracts for escrow and trade.
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