MAS finishes work on prototype blockchain payments system

The Monetary Authority of Singapore has completed the final experimental phase of its joint project to create new electronic clearing and settlement systems.

The MAS and Temasek, Singapore’s state-owned investment fund, announced on July 13 that they have finished the fifth stage of “Project Ubin”.  

The two agencies say the project’s final phase tested a blockchain-based prototype that enables payments to be carried out in different currencies on the same network. It also tested the prototype