05 Oct '17, 1pm

Singapore Banks Push Forward with Blockchain as MAS & ABS

Singapore Banks Push Forward with Blockchain as MAS & ABS

Blockchain or Distributed Ledger Technology (DLT) is pretty much accepted as the future of banking. A bigger question is whether or not banks will continue to exist, at least in present form. Banks that embrace change and innovation stand a better chance to evolve and survive. Singapore, a leader in the Fintech world, is pushing forward with incorporating Blockchain in all their banks. The project has been labeled project Ubin and Accenture was appointed to manage and develop the prototypes. According to a statement by the Monetary Authority of Singapore (MAS, and the Association of Banks in Singapore (ABS), the consortia has successfully developed software prototypes for three different models for decentralized inter-bank payment and settlements that include liquidity savings mechanisms. Sopnendu Mohanty, Chief FinTech Officer from MAS, said a key outcome of the project w...

Full article: https://www.crowdfundinsider.com/2017/10/122790-singapore...

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