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October 6, 2017

MAS and ABS develop blockchain prototypes for inter-bank payments

A consortium led by the Monetary Authority of Singapore (MAS) and The Association of Banks in Singapore (ABS) has developed three blockchain prototypes for decentralised inter-bank payment and settlements.

The prototypes were developed as part of the second phase of Project Ubin, which evaluates use of blockchain for clearing and settlement of payments and securities.

The Singapore central bank said that the prototypes are one of the first across the globe to net payments in a decentralised way while offering transactional privacy.

Other project participants include Bank of America Merrill Lynch, Citi, Credit Suisse, DBS Bank, HSBC, JPMorgan, Mitsubishi UFJ Financial Group, OCBC Bank, Singapore Exchange, Standard Chartered Bank, United Overseas Bank, Accenture, R3, IBM, ConsenSys, and Microsoft.

Accenture, which managed and developed the prototypes, will publish a report on the prototype details next month.

MAS chief fintech officer Sopnendu Mohanty said: “A key outcome of the consortium’s effort is the ability to perform netting while protecting the privacy of transactions. This helps to open up opportunity for a wider adoption of DLT-based settlement systems.”

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