Singapore central bank and JP Morgan develop multi-currency blockchain prototype

Singapore’s central bank is teaming up with JPMorgan and state investment firm Temasek to create a blockchain prototype that enables payments to be made in different currencies on the same network.

According to The Business Times, the Monetary Authority of Singapore (MAS) said it expects the multi-currency payments network to improve cost efficiencies for businesses.

The prototype should also provide interfaces for other blockchain networks to connect and integrate seamlessly. It will also offer features such as delivery-versus-payment settlement with private exchanges, conditional payments and escrow for trade, as well as payment commitments for trade finance.

It is currently undergoing industry testing to determine its ability to integrate with commercial blockchain applications.

The prototype is the latest milestone for Project Ubin, a joint venture by MAS with the financial industry. Now in its fifth phase it has so far focused on applications such as using blockchain for clearing and settling payments and securities.

MAS and its partners have engaged more than 40 financial and non-financial companies to explore potential benefits of the network.