Next up: blockchain tech trials in income securities trading and cross-border payments

SINGAPORE (March 9): A proof-of-concept project on the use of distributed ledger technology  to conduct domestic interbank payments has come to a successful conclusion, announced the Monetary Authority of Singapore on Thursday in a press statement.

“The project has achieved the objectives of producing a digital representation of the Singapore dollar for interbank settlement, testing methods of connecting bank systems to a DLT, and making the MAS Electronic Payment System (MEPS+) interoperate with the DLT for automated collateral management,” says the central bank.

Applications of distributed ledger technology include being able to make payment transactions across time zones, reduce cost of long-term record keeping via decentralisation, as well as the potential to make financial processes more transparent and resilient.

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