Singapore: Monetary Authority of Singapore’s blockchain project

Earlier this month, Singapore concluded their successful hosting of the 2nd Singapore FinTech Festival. The week-long festival brought together investors, financial institutions, start-ups, technology companies, academics and anyone interested in the cutting edge of innovation and technology.

The events organisers was the Monetary Authority of Singapore (MAS) in collaboration with numerous partners and sponsors. The keynote titled “The Singapore Fintech Agenda” by MAS Managing Director Ravi Menon clarified the purpose and plans of MAS supporting the development of technology in Singapore and beyond.

Menon also confirmed the successful conclusion of Phase 2  of Project Ubin,  which is a MAS-led project. The project explores the potential of blockchain technology for clearing and settlement of payment and securities among financial institutions through the development of working prototypes.

Within Project Ubin, MAS is striving to apply distributed ledger technology to money transactions and securities among financial institutions. This allows financial institutions the same benfits that cryptocurrencies enjoy which are quick, low-cost, anonymous and tamper-resistant transactions.