Citi develops blockchain FX solution as part of Singapore’s Project Guardian

Investment bank and financial services company, Citi, has developed an innovative application that uses blockchain infrastructure to price and execute bilateral spot foreign-exchange (FX) trades. 

The application is a part of Project Guardian, a collaborative initiative by the Monetary Authority of Singapore (MAS) and the financial industry. While the current phase of the application tested spot FX for USD/SGD, the underlying solution could be used for any fiat currency pair. The...

Singapore central bank approves Circle and Paxos stablecoins

Singapore

The Singapore central bank (Monetary Authority of Singapore) has approved licences for two stablecoin issuers, Circle and Paxos, to operate in the city-state.

US-based Circle, the issuer behind USD Coin (USDC), was granted approval for a major payments institution licence, meaning it can issue cryptocurrencies and facilitate domestic or cross-border payments.

Also a US firm, Paxos develops the Pax Dollar (USDP) and has received a licence to offer digital payment token...

Singapore launches DeFi project with JPMorgan and DBS Bank

Singapore’s central bank, the Monetary Authority of Singapore (MAS), is joining forces with JPMorgan, DBS Bank, and Marketnode to launch Project Guardian.

The project, which is led by Deputy Prime Minister Heng Swee Keat, will pilot use cases of digital assets in tokenisation, using the three financial institutions as “trust anchors”.

Announced on 31 May at the Asia Tech X Singapore Summit, Project Guardian hopes to eventually explore decentralised finance (DeFi)...

Australia and Singapore successfully trial cross-border trade project

Koala Bear, Australia

The Australian Border Force (ABF) has completed a trial testing the interoperability of its blockchain-based verification system with its Singaporean counterpart.

Working alongside Singapore Customs and the Infocomm Media Development Authority of Singapore (IMDA), the ABF has concluded a trial that proves trade documents can be digitally issued and verified across both countries’ systems.

The trial, which was initiated as part of the Australia-Singapore Digital Economy...