The city state's central bank plans to launch a pilot project with the country's stock exchange and a consortium of FIs including BAML, Bank of Tokyo-Mitsubishi, Credit Suisse, DBS Bank, HSBC, JP Morgan, OCBC Bank, and United Overseas Bank to use blockchain technology for interbank payments.
In a major move to explore the use of digital currency in Singapore, the city state's central bank plans to launch a pilot project with the country's stock exchange and eight local and foreign banks to use blockchain technology for interbank payments. Cross-border foreign currency transactions will also be reviewed under the pilot as Singapore's central bank looks to position the financial center as an important Fintech hub. The effort is supported by the R3 blockchain research lab and BCS Information Systems, Ravi Menon, managing director of the Monetary Authority of Singapore (MAS), said at the Singapore Fintech Festival "Under the pilot system banks will deposit cash as collateral with the MAS in exchange for MAS-issued digital currency," Menon said on Wednesday.
http://www.nytimes.com/reuters/2016/11/15/business/15reuters-singapore-fintech-blockchain.html?_r=0
