Singapore's Central Bank Eyes Commercial Role for Its Blockchain Payments Tech

Project Ubin has completed its last development phase and is now being considered as the basis for commercial digital currency ventures.

AccessTimeIconJul 13, 2020 at 11:13 a.m. UTC
Updated Sep 14, 2021 at 9:29 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

A blockchain project from the Monetary Authority of Singapore (MAS) and state investor Temasek has completed its final development phase and is now being considered as the basis for commercial payments ventures.

  • Singapore's central banking authority and Temasek said Monday that with the fifth research cycle for project Ubin now complete, "the next leap will be in implementing live commercial solutions to solve realworld challenges."
  • Ubin has been running as a multi-currency payments platform and has leveraged work on a blockchain and digital currency at U.S. investment bank J.P. Morgan.
  • Beginning in 2016 as a clearing and settlements initiative, Ubin's fifth phase (launched in November 2019), branched out to other areas including capital markets, supply chain finance and insurance.
  • The research found Ubin made complex financial transactions more efficient by lowering fees on foreign currency trading and cross border payments, as well as using smart contracts as a secure alternative to traditional escrow accounts.
  • The report says banks are now exploring whether Ubin can become the template for a commercial multi-currency platform for users to transact directly with one another.
  • If successful, it could even go on to form the basis for a global payments platform for central banks, the report added.
  • This was the last experimental phase to see MAS involvement, with Temasek saying it will support efforts to use Ubin for commercial ventures.
  • Ubin will continue running for the rest of 2020 as a test network for central banks and financial institutions to trial cross-border payments infrastructure.

UPDATE (July 15, 13:35 UTC): This piece has been updated with information.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.

Read more about