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Bank of Tokyo-Mitsubishi UFJ (MUFG), is reportedly running a proof of concept to digitize the paper check in Singapore using the Monetary Authority of Singapore’s “regulatory sandbox."
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Of course, we can digitalize checks without blockchain,” he said, “but blockchain has very powerful features.” The executive pointed to its heightened security that can automate checking for check duplication and other areas of fraud with which the paper check struggles. The bank is working on the solution using the Singapore central bank’s FinTech regulatory sandbox, first announced late last year, that enables FinTech innovators to explore and innovate with FinTech yet still assure they are in regulatory bounds.
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