MAS and Temasek jointly released a report on 13 July 2020 to mark the successful conclusion of the fifth and final phase of Project Ubin. MAS and BoC jointly published a report, Jasper-Ubin Design Paper: Enabling Cross-Border High Value Transfer using DLT (2.45 MB), which proposes different design options for cross-border settlement systems. MAS and BoC subsequently linked up their respective experimental domestic payment networks, namely Project Jasper and Project Ubin, and announced on a successful experiment on cross-border and cross-currency payments using central bank digital currencies. Specifically, it discusses how a variety of payment models could be implemented, from both a technical and non-technical perspective. The report, Cross-border interbank payments and settlements: Emerging opportunities for digital transformation (4.4 MB), provides an initial framework for the global financial community to assess cross-border payments and settlements in greater depth. The report examines existing challenges and considers alternative models that could in time result in improvements in speed, cost and transparency for users. The Bank of Canada (BoC), Bank of England (BoE) and the MAS jointly published a report on 15 November 2018 which assesses alternative models that could enhance cross-border payments and settlements. The report also identifies key technology and operational considerations to ensure resilient operations, and defines a market framework that governs post-trade settlement processes such as arbitration. The project demonstrated that DvP settlement finality, interledger interoperability and investor protection can be achieved through specific solutions designed and built on blockchain technology.įollowing its conclusion, MAS and SGX have jointly published an industry report, Delivery versus Payment on DLT (5.85 MB), which provides a comprehensive view of automating DvP settlement processes with Smart Contracts. The successful conclusion of the DvP project was announced on 11 November 2018.
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They will leverage the open-source software developed and made publicly available in Project Ubin Phase 2. Three companies, Anquan, Deloitte and Nasdaq were appointed as technology partners for this project. This will allow financial institutions and corporate investors to carry out simultaneous exchange and final settlement of tokenised digital currencies and securities assets, improving operational efficiency and reducing settlement risks. MAS and Singapore Exchange (SGX) announced on 24 August 2018 that it is collaborating to develop Delivery versus Payment (DvP) capabilities for settlement of tokenised assets across different blockchain platforms. Central banks, financial institutions, as well as academic and research institutions are encouraged to tap on the open source-codes to facilitate their experiments, research and innovation. MAS and ABS announced on 14 November 2017 that the report, Project Ubin Phase 2 Report: Re-imagining RTGS (3.57 MB), had been published and the source-codes and technical documentations have been released for public access under Apache Licence, Version 2.0. Support on the Hyperledger Fabric DLT platformĭeployment of prototypes on Azure Blockchain The consortium also includes the following five technology partners, and their scope of appointment. The consortium includes the following financial institutions: MAS and The Association of Banks in Singapore (ABS) announced on 5 October 2017 that the consortium which they are leading had successfully developed software prototype of three different models for decentralised inter-bank payment and settlements with liquidity savings mechanisms. World’s largest festival for the FinTech community to connect, collaborate and co-createįast track intellectual property protection through various initiativesĪ collaborative AI-driven global solutions hub to foster SME digitalisationįind out how Singapore can be a leading centre for Green and Sustainable Finance Industry collaboration that explores blockchain’s usage for Central Bank Digital Currency Understand the various initiatives for technology solutions and projects in Green Finance. World’s first open architecture platform for FIs to discover FinTechs and deploy solutions Various payment initiatives including SGQR, FAST and PayNow Sandbox relaxes regulatory requirements to enable live experiments of innovation Get funding on proof-of-concepts, hiring, business development and more Latest information on MAS’ FinTech strategy, initiatives and funding schemes
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