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Home / News / Business News / Singapore's central bank dabbles with digital currency
  • Business

    Singapore's central bank dabbles with digital currency

    Sneha Johny
    Written by
    Sneha Johny
    Mail
    Last updated on Dec 30, 2016, 06:05 am
    Singapore's central bank dabbles with digital currency
  • Singapore's central bank, the Monetary Authority of Singapore, is venturing into the fintech world by testing digital currency for its operations.

    MAS is looking to use blockchain-driven digital currency for its interbank payments, reports said.

    The bank also stated that it would explore cross-border digital transactions in the future, with the possibility of involving another central bank.

  • In this article
    Monetary Authority of Singapore What is fintech? The future of blockchain What are the benefits of using blockchain technology? R3 blockchain consortium Singapore's central bank dabbles with digital currency Singapore's push for digital currency
  • About

    Monetary Authority of Singapore

    Monetary Authority of Singapore
  • The Monetary Authority of Singapore (MAS) serves as Singapore's central bank and the country's financial regulatory body.

    The body governs various sectors pertaining to money, banking, insurance, securities and other financial services.

    MAS primarily controls currency circulation and supply in Singapore.

    Unlike other central banks, MAS does not control the liquidity in the system through interest rates, but does so through foreign exchange channels.

  • Information

    What is fintech?

  • Fintech revolves around any financial service that can be digitized through means of mobile apps, internet banking or platforms driven through algorithmic and robotic transactions. Many banks are now pushing for innovative banking measures across digital platforms.

  • Blockchain

    The future of blockchain

    The future of blockchain
  • Blockchain is a new technology that permits users to make online payment transactions without involving third parties.

    The blockchain network has all its users mapped to a shared ledger system, enabling all parties to receive copies for all the transactions.

    Initially, blockchain technology was used for transactions involving bitcoins and cryptocurrency, but experts have also highlighted its usage for real world money.

  • Information

    What are the benefits of using blockchain technology?

  • A plethora of banking institutions have invested in blockchain technology, with cost saving pitched at $20 billion per year. The technology does not involve any central authority, and hence removes the possibility of a single entity tampering with the data.

  • Profile

    R3 blockchain consortium

    R3 blockchain consortium
  • R3 is a financial technology company, that focuses on building a database for serving blockchain requirements for various companies.

    The consortium has over 70 financial institutions that form the company.

    Headquartered in New York, it was founded two years ago by David Rutter.

    The company builds platforms for financial institutions that handle complex digital data, while providing the necessary restrictions for access.

  • 30 Dec 2016

    Singapore's central bank dabbles with digital currency

    Singapore's central bank dabbles with digital currency
  • Singapore's central bank, the Monetary Authority of Singapore, is venturing into the fintech world by testing digital currency for its operations.

    MAS is looking to use blockchain-driven digital currency for its interbank payments, reports said.

    The bank also stated that it would explore cross-border digital transactions in the future, with the possibility of involving another central bank.

  • Quote

    Singapore's push for digital currency

  • "This project could potentially avail a payment system for participants to transact in different global markets round-the-clock that are today limited by time zone differences and office hours," MAS said in a statement.

  • Singapore
  •  
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