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DLT prototypes are developing for the Central Bank of Singapore

Accenture, a professional services company, announced that it was hired de facto by the central bank of Singapore to develop distributed ledger prototype systems for processing interbank payments.

12.Oct.17 10:10 AM
By Daria Zaytseva


DLT prototypes are developing for the Central Bank of Singapore

This week, the Monetary Authority of Singapore (MAS) unveiled three new payment prototypes that were developed using three platforms: Quorum (an ethereum-based system developed by JPMorgan Chase), Hyperledger Fabric and R3's Corda.

This work is part of the second phase of "Project Ubin", the blockchain banking project that includes organizations such as Bank of America Merrill Lynch, Standard Chartered and Citi.

Accenture is expected to publish a technical report on the second phase of "Project Ubin" next month, the release said.

In its statement on Monday, the MAS revealed new details about its work with blockchain technology, including a permanent partnership with the Indian state of Andhra Pradesh. At that time managing director Ravi Menon showed that in Singapore there are about 50 startups which are working on blockchain-related initiatives.

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