MAS<\/a> said, \u201cAs with all innovation adoption, there is a time for experimentation, and a time for commercialisation. Project Ubin has worked with the financial industry and blockchain community on a journey of experimentation, prototyping and learning. This has built a strong foundation of knowledge, expertise and experience, and paved a path towards commercial adoption. Following the successful experimentation over five phases, we look forward to greater adoption and live deployment of blockchain technology.\u201d<\/p>\n\u201cBlockchain technology has great potential in transforming businesses and opening up new business opportunities. Phase 5 of Project Ubin has demonstrated the commercial applicability, viability and benefits of blockchain technology across industries, beyond capital markets and trade finance. This validates Temasek\u2019s efforts in exploring and building blockchain solutions focusing on digital identity, digital currencies and financial asset tokenization,\u201d said, Chia Song Hwee, Deputy Chief Executive Officer, Temasek.<\/p>\n
The prototype network was developed by J.P Morgan and Temasek in collaboration with MAS. It could serve as a test network for collaboration with other central banks and financial institutions to develop next gen cross-border payments infrastructure. <\/p>\n
\u201cWe have been an active contributor to Project Ubin since its inception, leveraging our learnings and infrastructure including Quorum\u00ae, Interbank Information Network\u00ae (IIN) and JPM Coin. Phase 5 has demonstrated how broadly blockchain technology can impact the future of business and we look forward to working with MAS, Temasek and other banks to develop and scale commercial solutions for the industry.\u201d said, \u201cUmar Farooq, Managing Director & Head of Blockchain. <\/p>\n<\/div>\n