Singapore: MAS' approach to block-chain technology

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The Monetary Authority of Singapore ‘MAS’ has also realised of the great potential of blockchain and distributed ledger technology in different industries, especially in banking. The MAS has now started to work with the Association of Banks in Singapore to leverage the use of blockchain for record keeping and other related functions.

The use of Distributed Ledger Technology systems can effective payment transactions and make settlements between accounts and cross-border payments instant. The consortium will release three software models that will increase research and development in this technology and will definitely present positive changes in the banking industry.