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
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
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