The Monetary Authority of Singapore (MAS) and Temasek have published the report of the fifth and final phase of Project Ubin: “Project Ubin Phase 5: Enabling Broad Ecosystem Opportunities.”
MAS is Singapore’s central bank and financial regulatory authority and acts as a settlement agent, operator and overseer of payment, clearing and settlement systems in Singapore that focus on safety and efficiency. In 2016, MAS started working with several institutions from Singapore and around the world on the production of a proof-of-concept (PoC) to conduct inter-bank payments facilitated by DLT. This initiative known as Project Ubin, is a digital cash-on-ledger project. The purpose of Project Ubin is to evaluate the implications of having a tokenized form of the SGD on a DL, and its potential benefits to Singapore’s financial ecosystem. Across the years, MAS has published five reports during its first four phases.
For the final phase of the project, MAS worked closely with Temasek to provide technical insights into the blockchain-based multi-currency payments. They built a network prototype and highlight the value of the blockchain-based multi-currency payments network prototype and its commercial potential for the financial industry. These benefits were validated through workshops conducted with more than 40 financial and non-financial firms engaged in Phase 5 of Project Ubin. Read more here
STACS is honored to join the Phase 5 Ubin project. We have successfully demonstrated how the functionality in Ubin payments network can be implemented to enable instant Delivery vs Payment of bonds and payments on blockchain, through an integration with the STACS platform which financial institutions use for the issuance and lifecycle management of digital securities. The platform enables investment banks to issue bonds on behalf of the issuer and they can accept payment of funds via the Ubin payments network.Investors would refer to other banks looking to purchase bonds on behalf of their clients, using funds in the Ubin payments network. The key benefit is to reduce the settlement cycle, improve efficiencies, and secure the payment process by delivering a major digitalization on during the purchase of bonds. Case Study here STACS Platform on page 30
After 5 years, this is the last report from the project Ubin based on the research of blockchain technology with the industry, and understanding how it could be useful to payments and settlements. STACS is delighted to have had the opportunity to contribute to this initiative.
We continue to support the industry to increase DLT adoption and be part of innovative initiatives into the market digitalization. At present, we already have a number of institutions that are working with us on live projects. STACS want to be responsive by enabling more institution to use blockchain technology and conduct them into their journey in terms of commercial delivery. We want to share our expertise and experience to navigate them into the new step of their businesses.
Please find below a video presentation of our contribution to Project Ubin. This is a throwback video of how STACS, the proprietary blockchain developed by Hashstacs Pte Ltd, serves as a platform to process the transaction and payment of securities seamlessly, through its cross-chain integration with Project Ubin’s payments network. This integration was successfully showcased live at the Singapore FinTech Festival and Singapore Week of Innovation and Technology (SFF x SWITCH) 2019.
Finally, this fifth and final phase of Project Ubin marks another new milestone for STACS’s direct involvement with MAS’ successful technology experimentation as we now turn our focus towards the implementation of live commercial solutions to solve real-world challenges!
STACS is a Singapore fintech development company focusing on the digital transformation of the financial industry. Today, our clients and partners such as stock exchanges, banks, asset management firms etc are using our proprietary Securities Trading Asset Clearing and Settlement (STACS) Blockchain for various use cases while working together with their ecosystem participants to enjoy efficiency savings in operations and to create new revenue streams.