Singapore experimenting with Blockchain technology - ASEAN Information - China-ASEAN Business and Investment Summit

Singapore experimenting with Blockchain technology
Released: 2016-11-18 Pageviews: 　 Source: 中国-东盟商务与投资峰会　 Author:
    SINGAPORE, Nov. 16 (Xinhua) -- Monetary Authority of Singapore (MAS) announced that it is partnering R3, a Blockchain technology company, and a consortium of financial institutions on a proof-of-concept project to conduct inter-bank payments using Blockchain technology, said MAS in a press release on Wednesday.
    MAS said this project could potentially avail a payment system for participants to transact in different global markets round-the-clock that are today limited by time zone differences and office hours. The project will develop a pilot system in which Blockchain infrastructure is used to issue and transfer funds among participants.
    Such a system will also be more resilient against stoppages by decentralizing and distributing the software that records and validates payments. Participants can depend on the immutable record of transactions at the heart of the Blockchain to reduce the cost of long term record keeping.
    The central bank said Blockchain technology has the potential to make financial transactions and processes more transparent, resilient and at lower cost. The outcomes from the project will provide guidance on future projects such as cross border payments, automation of securities issuance, trading and settlement using Blockchain technology.
Previous: Vietnam set to collect 33 bln USD for state budget in 2017
Next: Vietnam expands border gate economic zone to boost trade with China

Copyright: China-ASEAN Business and Investment Summit Secretariat　　桂ICP备05008372号　桂公网安备 45010302000218号　Technical Support: KONKE Network

Address: No. 6, Baiyun Road, Nanning, Guangxi, China　　Tel: 86-771-5772851　　Fax: 86-771-5719812　　Zip Code: 530029