Accenture hired by Singapore’s Central Bank

Consultancy giant Accenture has been hired by Singapore’s central bank in order to develop a prototype blockchain solution for interbank payments
18 October 2017   822

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.
 

Sopnendu Mohanty
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.
 

David Treat
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.

Line to Launch Bibox Exchange in Singapore

Bitbox supports 28 digital currencies, including Bitcoin, Ethereum, USDT, XRP, Litecoin, Ethereum Classic, Bitcoin Cash, Bitcoin Gold, MonaCoin, Qtum and Golem
16 July 2018   110

One of the most popular messengers in Asia Line has launched a Bitbox exchange in Singapore. Trading on the platform started this morning and is limited to pairs with crypto-currencies, Cryptovest reports.

Bitbox supports 28 digital currencies, including Bitcoin, Ethereum, USDT, XRP, Litecoin, Ethereum Classic, Bitcoin Cash, Bitcoin Gold, MonaCoin, Qtum and Golem.

BITBOX is only for trading cryptocurrencies (Digital Tokens). Fiat currencies (USD, KRW, etc.) cannot be exchanged on BITBOX.
 

Bitbox Website

Bitbox charges a 0.1% commission and supports 15 languages, including English, Korean, Chinese, Spanish, French and German. In Russia, the US, Japan and some other countries, the exchange is not available.

At the beginning of the year, Line Group applied for a license to the Japan Financial Services Agency, but the process dragged on because of tightening of the regulator's requirements in the light Coincheck exchange hack. All crypto exchange, wishing to provide services in the Japanese market, are required to obtain permission from the local regulator.

Currently, Line is also in the process of obtaining a license in the US. The company decided to open its first trading platform for crypto-currencies in Singapore, as this city-state adheres to a progressive approach to the regulation of the digital currency sphere.

With cryptocurrency, we are going to take our challenge in financial services global.
 

Takeshi Idezawa

CEO, Line

In May, Line Group denied rumors that it intends to release its own token and distribute it through the ICO. Every month Line is used by about 200 million people. The messenger is extremely popular in Japan, South Korea and Thailand.