The Monetary Authority of Singapore (MAS) has completed the final phase of its central bank digital currency project known as «Project Ubin.»

MAS highlighted the commercial potential of the payments network prototype,» developed in collaboration with J.P. Morgan and Temasek, in its sixth report: «Project Ubin Phase 5: Enabling Broad Ecosystem Opportunities,» published by Accenture on Monday.

The report examines the use of blockchain technology in commercial applications across different industries, and how they benefit from integrating with the blockchain-based payments network prototype developed, which were validated through workshops conducted with more than 40 financial and non-financial firms.

According to a joint statement by MAS and Temasek, the commercial applications of the network prototype include cross-border payments in multiple currencies, foreign currency exchange, settlement of foreign currency-denominated securities. MAS also said that the network could be integrated with other blockchain-based platforms to enable end-to-end digitalization across industries and use cases.

Industry Development

Launched in 2016, Project Ubin is Singapore's collaborative project with the industry to explore the use of blockchain and distributed ledger technology (DLT) for clearing and settlement of payments and securities.

MAS said the prototype can serve as a test network to facilitate collaboration with other central banks and the financial industry for developing next-generation cross-border payments infrastructure. It also made available the technical specifications for the functionalities and connectivity interfaces of the prototype network to spur further industry development.

Commercial Adoption

«Following the successful experimentation over five phases, we look forward to greater adoption and live deployment of blockchain technology,» MAS chief fintech officer Sopnendu Mohanty said, noting that Project Ubin «has built a strong foundation of knowledge, expertise and experience, and paved a path towards commercial adoption.»

Temasek deputy CEO Chia Song Hwee said the firm «looks forward to supporting commercialization efforts emanating from Project Ubin and other application areas, with a view to drive greater adoption of blockchain technology.»