DBS Bank, JPMorgan, and Temasek have joined forces to develop a new blockchain-based platform through a newly formed technology company Partior.
Leveraging blockchain technology, Partior will aim to reduce existing frictions and time delay in cross-border payments, trade and currency settlements.
It also plans to develop a wholesale payments rails based on digitised commercial bank money to facilitate ‘atomic’ or instantaneous settlement of payments for various financial transactions.
According to DBS Bank CEO Piyush Gupta, the new platform will allow banks to offer real-time cross-border multi-currency payments, trade finance, foreign exchange and DVP securities settlements.
Initially, Partior will focus on facilitating flows majorly between Singapore-based banks in both US dollars and Singapore dollars. It will expand service offerings to other markets and currencies later.
The platform will also support the ongoing Central Bank Digital Currencies (CBDCs) initiatives and use cases.
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Commenting on the partnership, Temasek deputy CEO Chia Hwee said: “We are pleased to work alongside DBS and JP Morgan to create a global platform that will have tangible impact on global payments.
“Partnerships such as this are important in galvanising fundamental changes. Finding the right approach to payments transformation using new technologies should be a priority as we take our existing infrastructure into the next stage of digitalisation and connectivity.”
The operation of Partior by DBS, JP Morgan and Temasek and the completion of development, launch, and availability of services on the proposed platform are subject to regulatory approvals.