What is the Ubin project?
In November 2016, MAS announced that it had created a consortium of financial institutions with R3, a blockchain technology company, and a concept project to implement bank payments using Blockchain technology.
The Central Bank of Singapore and the relevant authorities proved that it was far too versatile to block the potential of Blockchain and crypt money. "The project aims to be a pilot system in which the Blockchain infrastructure is used to transfer resources among participants," MAS said in his first announcement.
Everyone knows that Blockchain has the power to provide "financial transactions and processes with more transparency, flexibility and lower costs." As noted in this preliminary announcement, it was also stated that this experiment could lead to banking alternatives: "This also made MAS and the industry easier to use and helped them to develop more effective alternatives to today's systems."