Speaking in the course of the Money20/20 Asia convention which completed on the very same date, Financial Authority of Singapore (MAS) taking care of director Ravi Menon informed an viewers that the metropolis-state’s Blockchain options, dubbed ‘Project Ubin,’ will “solve the challenge” of rising performance in the arena.
“One of the likely strongest use cases of crypto tokens is to facilitate cross-border payments in regular currencies,” he said.
“This is the problem that Singapore’s Task Ubin has established alone to address:
- to use blockchain technological innovation to help entities across jurisdictions to make payments to one a further:
- without having intermediaries
- with higher pace and performance and at lessen risk and cost.”
Equally Singapore’s government and MAS have extended been collaboratively bullish on Blockchain’s possible when developing a equally enabling ecosystem for cryptocurrency corporations.
In February, MAS chief fintech officer informed the mainstream push he regarded as the developmental elements of Task Ubin – as an illustration of “fabulous Blockchain technology” – to have two several years still left just before “real impact” can be noticed.
Menon confirmed in the speech that MAS had partnered with Bank of Canada “to examination and build a cross-border solution making use of crypto tokens issued by the two central banks.”
Remittances making use of Blockchain are also an region of significant curiosity to Singapore’s neighbors.
Japan and South Korea have both of those signalled similar schemes, banks competing with crypto sector jobs this kind of as that declared by main South Korean trade Bithumb and US payment gateway BitPay this 7 days.