Chia Song Hwee, Deputy Chief Executive Officer, Temasek, said:
Blockchain technology has great potential in transforming businesses and opening up new business opportunities. Phase 5 of Project Ubin has demonstrated the commercial applicability, viability and benefits of blockchain technology across industries, beyond capital markets and trade finance. This validates Temasek’s efforts in exploring and building blockchain solutions focusing on digital identity, digital currencies and financial asset tokenisation. We look forward to supporting commercialisation efforts emanating from Project Ubin and other application areas, with a view to drive greater adoption of blockchain technology.
The payments network prototype was developed in partnership with JP Morgan and Temasek. The prototype can serve as a test network to help and promote collaboration with other central banks and the financial industry for developing next generation cross-border payments infrastructure. The technical specifications for the functionalities and connectivity interfaces are already publicly available.
Lim Teo, Accenture’s country managing director for Singapore, said:
Through Project Ubin, we have identified areas where blockchain-based solutions can be deployed at scale and drive greater payment efficiency across industries. The financial ecosystem is an integral part of Singapore’s ambition to be a Smart Nation. The collaboration between financial and non-financial firms to create the network necessary to support multi-currency payments will also drive new products and services that generate new revenue streams.
Umar Farooq, Managing Director & Head of Blockchain, JP Morgan:
J.P. Morgan is a leader in building commercial solutions using blockchain technology. We have been an active contributor to Project Ubin since its inception, leveraging our learnings and infrastructure including Quorum, Interbank Information Network (IIN) and JPM Coin. Phase 5 has demonstrated how broadly blockchain technology can impact the future of business and we look forward to working with MAS, Temasek and other banks to develop and scale commercial solutions for the industry.
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