Professional services firm Accenture has today announced it has been hired by Singapore's de facto central bank to develop distributed ledger prototype systems for processing interbank payments.
The work forms part of the second phase of "Project Ubin," the blockchain banking project that includes institutions like Bank of America Merrill Lynch, Standard Chartered and Citi, among others, as participants.
"Project Ubin is making a great leap forward in proving the value and potential of DLT systems and their ability to transform industries," David Treat, managing director of Accenture's global blockchain practice, said in a statement, adding:
Accenture is expected to publish a technical report on Project Ubin's second phase next month, a release says.
In its statement on Monday, the MAS revealed new details about its work with blockchain tech, including an ongoing partnership with the Indian state of Andhra Pradesh. At the time, managing director Ravi Menon revealed that as many as 50 startups are working on blockchain-related initiatives in Singapore.
Singapore image via Shutterstock
Read more about
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.