Temasek, JP Morgan partner to facilitate faster and cheaper cross-border transaction in Singapore.
Monetary Authority of Singapore (MAS), Temasek and finance giant JP Morgan has formed a strategic partnership aimed at creating a blockchain-based payment network in Singapore. According to reports, the partnership will facilitate faster and cheaper cross-border transactions. Finishing touches is currently ongoing for the prototype launch of the payment network dubbed “Project Ubin”. With its official mainnet launch scheduled to go live in the near future.
Singapore Blockchain Space
Project Ubin is designed to serve as an acceptable means of carrying out international settlement. The project is currently in its final stage, with the remarkable partnership between MAS will partner with both Temasek and JP Morgan.
Together, the three partners will ensure the continuous development of the network. Facilitating cheaper international payments. MAS and Temasek in a joint statement disclosed that several commercial applications are expected on the prototype network.
Beyond international payments, “Project Ubin” will also facilitate foreign currency exchange. Other tasks will include payment of foreign currency-denominated securities amongst several other financial functions.
According to the parties involved, “An international settlement network, modelled after this payments network prototype, could enable faster and cheaper transactions than conventional cross-border payments channels”.
Prior to this time, “Project Ubin” has been employed by several other applications and agencies like the Adecco Group AG and Sygnum Bank AG.
This is also not the first time Temasek has tried breaking into the blockchain and crypto space. Temasek also partnered with the highly controversial Facebook crypto project Libra. Facebook Calibra also recently revealed plans to relaunch as Novi.