Singapore has completed its blockchain payments project, which has shown potentiality and is ready for commercial rollout.

In the fifth and final phase, the Monetary Authority of Singapore (MAS) partnered with Temasek and JP Morgan for Project Ubin to develop a blockchain-based multi-currency payments network prototype.

The move aimed to develop a network that will facilitate faster and cheaper international settlements.

According to MAS, the prototype successfully settled payments in different currencies on the same network.

The commercial applications of the network will include cross-border payments in multiple currencies, foreign currency exchange and settlement of foreign currency denominated securities.

Additionally, the prototype is designed to integrate with blockchain-based platforms to enable end-to-end digitalisation.

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MAS chief fintech officer Sopnendu Mohanty said: “As with all innovation adoption, there is a time for experimentation, and a time for commercialisation. Project Ubin has worked with the financial industry and blockchain community on a journey of experimentation, prototyping and learning.

“This has built a strong foundation of knowledge, expertise and experience, and paved a path towards commercial adoption. Following the successful experimentation over five phases, we look forward to greater adoption and live deployment of blockchain technology.”

Temasek deputy CEO Chia Song Hwee said: “Phase 5 of Project Ubin has demonstrated the commercial applicability, viability and benefits of blockchain technology across industries, beyond capital markets and trade finance.

“This validates Temasek’s efforts in exploring and building blockchain solutions focusing on digital identity, digital currencies and financial asset tokenisation.”