Singapore Central Bank Funds Blockchain Recordkeeping Project
The Monetary Authority of Singapore, the city-state's central bank, has funded a blockchain-based record-keeping system as part of a five-year $225m investment plan aimed at financial technology. Managing director Ravi Menon announced the Financial Sector Technology & Innovation initiative during a 29th June speech at the Global Technology Law Conference 2015 in Singapore. The money will be used to build innovation centers and fund financial tech projects such as the blockchain recordkeeping system. The goal, he said, is to attract financial tech startups to build their companies in....
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The Oversea-Chinese Banking Corporation (OCBC), a publicly-listed banking corporation headquartered in Singapore will begin inter-bank payments powered by blockchain technology in Southeast Asia. The announcement, revealed by regional publication FintechNews Singapore, follows a successful duo of pilot payment transactions conducted between the bank and a regional and an international banking partner. The pilot utilized a blockchain platform jointly developed by OCBC Bank and BCSIS, a local payments startup in Singapore. Two blockchain pilot payment transactions were revealed. First, a....
The Monetary Authority of Singapore (MAS), which is the country's central bank, announced its plans to fund a blockchain technology project related to record keeping. This is part of the central bank's five-year investment plan on financial technology developments. Apart from funding the blockchain technology project, the funds will also be used to build innovation centers and fund financial tech projects. Its goal is to attract financial tech startups to build their companies in Singapore and enhance their standing as a smart financial center. Blockchain Technology in Record Keeping.....
Singapore’s central bank has issued guidelines to discourage cryptocurrency trading by the general public. The central bank emphasized that “the trading of cryptocurrencies is highly risky and not suitable for the general public.”
Singapore’s Central Bank Discouraging Crypto Trading by the General Public
The Monetary Authority of Singapore (MAS), the nation’s central bank, announced Monday that it has issued guidelines “to discourage cryptocurrency trading by [the] general public.”
The guidelines restrict....
The Monetary Authority of Singapore (MAS) has partnered with major banks and financial services companies to explore the uses of asset tokenization and decentralized finance (defi). DBS Bank and JPMorgan will pilot the first project. Project Guardian Launched The Monetary Authority of Singapore (MAS), the country’s central bank, announced Tuesday that it has partnered with the financial services industry to launch Project Guardian. The central bank described Project Guardian as “a collaborative initiative with the financial industry that seeks to explore the economic....
The Monetary Authority of Singapore (MAS) will soon test how it could issue digital currency using a blockchain-based interbank payment system. According to Bloomberg, the planned proof-of-concept will be supported by blockchain consortium R3CEV, as well as eight banks and an unnamed local stock exchange. The Development Bank of Singapore, HSBC, Bank of America, JPMorgan, Credit Suisse and Bank of Tokyo-Mitsubishi are all said to be participating. In a speech on Wednesday, MAS managing director Ravi Menon said the test could come to include other central banks. Further, he credited the....