Today the Monetary Authority of Singapore (MAS) revealed its Project Ubin digital currency experiments have borne fruit with the commercialization of a cross-border payments network.
“DBS Bank, JP Morgan, and Temasek are leading the development of a digital multi-currency payments network aimed at enhancing commercial cross-border clearing and settlements globally. Pilot trials will commence next year,” said Ravi Menon, Managing Director of MAS, during a speech at the Singapore FinTech Festival.
He continued, “The goal of cheaper cross-border payments that settle round-the-clock and in real-time is drawing closer. SMEs will greatly benefit when this becomes a reality.”
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