Singapore’s central bank hires consultancy giant, Accenture, in order to develop a prototype blockchain solution for interbank payments.
Earlier this month, the Monetary Authority of Singapore unveiled the successful development of three different blockchain models for decentralized inter-bank payment and settlements. Thus, the prototypes were developed using R3’s Corda, the open-source Hyperledger Fabric and JP Morgan Chase’s Ethereum-based Quorum. These developments marked the second phase of Project Ubin, an initiative by the central bank to ultimately produce and deploy a digital representation of the Singaporean dollar.
A key outcome of the consortium’s effort is the ability to perform netting while protecting the privacy of transactions. This helps to open up the opportunity for a wider adoption of DLT-based settlement systems.
Chief FinTech Officer, MAS
Now, Accenture announces that the company has been appointed by the MAS and the Association of Banks in Singapore in order to ‘manage and develop a prototype’ using the 3 distributed ledger technology platforms for interbank payments solution.
Project Ubin is making a great leap forward in proving the value and potential of DLT systems and their ability to transform industries. The value of the technical innovations arising from the program is matched by the value of the strategic thinking going into how the interbank payments ecosystem will transform and build new value.
Managing director of Accenture’s global blockchain practice
It's significant, that the Project Ubin’s Phase 1 has already seen Singapore’s central bank successfully issue a digitized token of the Singaporean dollar via JPMorgan’s Quorum Ethereum-based blockchain.