The Singapore government is exploring the possibility of
using blockchain and distributed ledger technology (DLT) for
faster and more efficient clearing and settlement in trade
finance, payments, and securities, but also combat money
laundering (AML) and terrorism financing (CFT).
The Monetary Authority of Singapore (MAS) launched
Project Ubin in 2016 with a consortium of banks to develop
software for decentralised inter-bank payments and settlement.
It has since released source code to the public.
The Singapore Infocomm Media Development Authority has also
know your customer (KYC) blockchain in cooperation with a
group of banks. Some individual banks have also partnered with
outside providers to develop their own blockchain and
artificial intelligence solutions, particularly in the area of
One of the areas that require more work still is
"Eventually we would hope to see more international
application of these technologies though the...