The company, which will be named Partior, will leverage blockchain technology and digitize M1 commercial bank money, with the aim of reducing current frictions and latency for cross-border payments, trade and currency settlements, the firms said in a statement.
“The launch of Partior is a global watershed moment for digital currencies, marking a move from pilots and experimentations toward commercialization and live adoption,” said Sopnendu Mohanty, chief fintech officer at the Monetary Authority of Singapore, in the statement.