Central Banking

Singapore’s SWF starts work on cross-border payment network

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Singapore’s sovereign wealth fund Temasek, JP Morgan and DBS Bank will develop a platform to streamline cross-border payments.

The project follows the three organisations’ co-operation with the Monetary Authority of Singapore on its central bank digital currency (CBDC) initiative.

DBS Bank is a Singaporean bank that is essentially state-owned; Temasek is its controlling shareholder.

In a joint statement on April 28, the trio said they had established a new technology company, Partior, to

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