Singapore's Ubin blockchain payment project ready for business

Singapore authorities said on Monday that Singapore has set up a blockchain-based payment network that will allow faster and cheaper international payments and that the market will be more efficient in the next step. In the final stages of "Project Ubin" many years ago, the Monetary Authority of Singapore (MAS) announced that Temasek and J.P. Together with Morgan, we have developed a multi-payment network model. According to the report, the market economy of the model includes cross-border payments in various currencies, foreign currencies, foreign currency settlement and other uses. In order to facilitate the further development of the industry, MAS and Temasek said that some specialization of design standards will be made public.