In Singapore, created a blockchain network for instant payments

Developers from Singapore have developed a blockchain network that will allow for faster and cheaper international settlements. For this purpose, the Monetary Authority of the country entered into a partnership with the local investment company Temasek and the largest banking holding J.P. Morgan Chase Co.

So, it is known that the platform will work with several currencies at once, it will be possible to make an exchange on it, as well as settlements on securities denominated in foreign funds.

The plans of the Monetary Authority of Singapore and Temasek to open to the public some of the technical characteristics of the prototype network. Thus, the parties plan to popularize the use of innovative technologies in the financial industry.