Singapore: MAS and Association of Banks Develop DLT for Efficient Inter-Bank Payments

On October 5, 2017 the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) announced the development of software prototypes for three different models for decentralised inter-bank payment and settlements with liquidity savings mechanisms.

A total of 11 financial institutions and five technology companies form the project, which is phase two of Project Ubin, aiming to explore the use of distributed ledger technology (DLT) for clearing and settlement of payments and securities.

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