Singapore to Test Digital Currency in Latest Fintech Initiative
- MAS working on interbank payments blockchain, MD Menon says
- Stock exchange, eight banks, R3 group involved: Menon
Singapore's Fintech Push
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The Monetary Authority of Singapore is poised to become the latest central bank to test its own digital currency, which it will use in a trial of a blockchain-driven system for interbank payments.
The “proof-of-concept” project, which also involves the city’s stock exchange and eight banks, is aimed at simplifying the payments process and reducing transaction costs, Managing Director Ravi Menon said in a speech Wednesday. It may include cross-border transactions with the participation of another central bank in the future, he said.