Menon backs blockchain as Project Ubin enters new phase

The MAS aims to expand Project Ubin into instant 24/7 cross-border platform, says Menon

blockchain concept

The Monetary Authority of Singapore (MAS) is to expand its distributed ledger system to cross-border payment and settlement, as the central bank remains positive on blockchain and vows to harness the technology.

“Blockchain is one of the most misunderstood technologies in recent times,” said Ravi Menon, managing director of the MAS, in a speech in Singapore on March 7.

Blockchain is one way of implementing distributed ledger technology (DLT). DLT is a decentralised database that is managed by

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