Singapore to Launch Blockchain Project for Interbank Payments

Gareth Jones

November 18, 2016

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Gareth Jones

The city state's central bank plans to launch a pilot project with the country's stock exchange and a consortium of FIs including BAML, Bank of Tokyo-Mitsubishi, Credit Suisse, DBS Bank, HSBC, JP Morgan, OCBC Bank, and United Overseas Bank to use blockchain technology for interbank payments.

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The MAS on Wednesday also finalised guidelines for a "regulatory sandbox", which allows financial institutions and finTech players to test their new business models and products without falling foul of financial rules. Menon also said Singapore is in the process of creating a national know-your-customer or KYC utility through a personal data platform that will have government-verified personal details of residents. The MAS will partner with the government agencies to expand the platform known as "MyInfo service" to the financial industry for more efficient KYC checks.

http://www.nytimes.com/reuters/2016/11/15/business/15reuters-singapore-fintech-blockchain.html