Intelligent CIO APAC Issue 1 - Page 16

NEWS Singapore says Blockchain payments project ready for commercial roll-out Singapore has developed a Blockchainbased payments network that could enable faster and cheaper international settlements, authorities said, adding that the next step was a commercial roll-out. The final phase of the years-long ‘Project Ubin’ saw the Monetary Authority of Singapore team up with state investor Temasek and J.P. Morgan to develop the prototype multi-currency payments network. “An international settlement network, modelled after this payments network prototype, could enable faster and cheaper transactions than conventional cross-border payments channels,” MAS and Temasek said in a joint statement. foreign currency denominated securities as well as other use cases. Blockchain, a digital ledger of transactions, leaped to prominence as the technology that underpins the first digital currency, Bitcoin. It has since attracted global attention because it can be used to track, record and transfer assets across all industries. To spur further industry development, MAS and Temasek said it would make some of the technical specifications for the prototype network available to the public. Temasek is an investment company headquartered in Singapore with a multinational staff of 800 people. It is a generational investor, seeking to make a difference, always with tomorrow in mind. They said that commercial applications of the prototype include cross-border payments in multiple currencies, foreign currency exchange and settlement of UBT group deploys food delivery app to help families impacted by COVID-19 to help out people affected by the Coronavirus pandemic. At the start of the pandemic, UBT was working with Phoenix on a large-scale project called Connect, using OutSystems to replace existing legacy systems. On RRT’s request, UBT connected with Phoenix to build the RRT Food Box App. The new application was built 100% using the OutSystems development platform. Business advisory group, UBT, has deployed an ‘Uber Eats’ style app to quickly get food boxes to COVID-19 affected families across New South Wales as part of its charitable organization, Rapid Relief Team (RRT). The food delivery app was built in under 12 weeks using the OutSystems low-code application platform with development services provided by OutSystems delivery partner Phoenix Services. UBT donates profits to various charities around the globe and in conjunction with Australia’s Federal government, RRT recognized the need for a rapid solution Because of the speed of low-code application development, OutSystems allowed all parties to react quickly and build the ‘Uber Eats’ style of application in three months. RRT is now able to scale its food box delivery while exceeding the service level requirements of government and partners and is ready to expand to other countries to help those in need. 16 INTELLIGENTCIO www.intelligentcio.com