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MAS, R3 test blockchain in payments

In November last year, the Monetary Authority of Singapore (MAS) announced that it was partnering R3 - blockchain-inspired technology company and consortium of the world's largest financial institutions - to produce a proof of concept to conduct inter-bank payments facilitated by distributed ledger technology (DLT).

Named Project Ubin, the digital cash-on-ledger project has the participation of Bank of America Merrill Lynch, Credit Suisse, DBS Bank, HSBC, JPMorgan, Mitsubishi UFJ Financial Group, OCBC Bank, Singapore Exchange, United Overseas Bank, and BCS Information Systems.

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