Singapore is a burgeoning global blockchain node today. She plays a vital role in advocating innovative technology such as blockchain to further enhance her business landscape. Like the rest of her neighbours in the South East Asia, she is caught the train.
The Monetary Authority of Singapore (MAS) and state investment firm Temasek had announced recently that Project Ubin, its blockchain-based multi-currency payments network, has proven its commercial potential after tests with more than 40 companies.
The initiative was launched in 2016. A prototype developed by Temasek and J.P. Morgan began undergoing testing last year to see how well it would integrate with commercial blockchain applications.
According to a report, Project Ubin’s prototype was validated through workshops with more than 40 financial and non-financial firms. Its potential uses include faster, less costly cross-border transactions; foreign currency exchange; and smart contracts for escrow and trade.
The prototype can potentially pave the way to enable more collaborations with central banks and other financial institution to build better cross-border payments networks.
With Temasek’s efforts in exploring and building blockchain solutions focusing on digital currencies and financial asset tokenization, the city-nation is set to see commercialization efforts emanating from Project Ubin and other application areas. This will greatly enhance and drive adoption of blockchain technology.
Users and blockchain project owners who had been sowing in last couple of years are expected to see wonderful things happening real soon. With a blockchain development getting this far, blockchain companies will continue to be attracted to Singapore’s atmosphere if their own countries’ political or economic turmoil deem too much for them to foster a blockchain environment.
With all the progresses of Project Ubin, hopefully funding specifically for crypto companies could be a new norm in the future, though it is still difficult to come by as traditional VC’s and investors are unfamiliar with the opportunity.