Blockchain Successfully Used for Inter-Bank Payments in Singapore

The Monetary Authority of Singapore (MAS) has reported successful use of blockchain in inter-bank payments; the MAS blockchain inter-bank payments project began in November 2016 and was tested in partnership with R3 and a consortium of financial institutions; Deloitte will provide a report on all aspects of the project and its successes; MAS has reported a continuation of blockchain testing, next in fixed income securities trading and settlement at the Singapore Exchange and also in cross border payments using central bank digital currency; the country’s active role in blockchain technology testing is also likely to influence the UNCITRAL Working Group IV which meets in April and is leading initiatives around a legal framework for cross border transactions which is likely to be based on blockchain technology.  Source

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