The Monetary Authority of Singapore (MAS), the central bank and financial regulator of the city-state, has announced that it will launch a series of live trials for its wholesale central bank digital currency (CBDC) project. The trials, which will involve more than 40 financial institutions and technology partners, aim to test the feasibility and performance of using a blockchain-based CBDC for interbank payments and settlements.
The wholesale CBDC project, also known as Project Ubin, has been in development since 2016, when MAS partnered with R3, a consortium of banks and technology firms, to explore the use of distributed ledger technology (DLT) for clearing and settlement of payments and securities. Since then, MAS has completed five phases of experimentation, covering aspects such as tokenization, delivery versus payment, cross-border payments, and integration with other platforms.
According to MAS, the live trials will mark the final stage of Project Ubin, before it transitions to a commercial product. The trials will involve simulating real-world scenarios and stress-testing the system’s resilience, scalability, security, and interoperability. The trials will also seek to demonstrate the benefits of using a wholesale CBDC, such as reducing costs, risks, and inefficiencies, as well as enhancing transparency, traceability, and compliance.
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MAS expects the live trials to run until the first quarter of 2024, after which it will publish a report on the findings and recommendations. MAS also plans to share its learnings and best practices with other central banks and regulators who are interested in pursuing similar initiatives.
Singapore announces global tokenization initiative in partnership with BNY Mellon, DBS JPMorgan and MUFG
The initiative, called the Global Tokenization Hub, is a collaboration between the Monetary Authority of Singapore (MAS), the country’s central bank and financial regulator, and four major global banks: BNY Mellon, DBS, JPMorgan and MUFG.
The Global Tokenization Hub aims to provide a platform for industry participants to explore and develop innovative solutions for tokenizing different types of assets, such as equities, bonds, commodities, real estate and art. The hub will also facilitate cross-border transactions and interoperability among different token platforms and standards.
According to MAS, the initiative is aligned with its vision of building a smart financial center that leverages digital technologies to enhance efficiency, inclusivity and resilience. The hub will also support Singapore’s efforts to become a leading global center for digital finance and green finance.
The four partner banks will contribute their expertise and resources to the hub, as well as engage with other stakeholders such as regulators, issuers, investors, service providers and technology firms. The hub will also leverage the existing blockchain and fintech ecosystems in Singapore, which have been nurtured by MAS through various initiatives such as Project Ubin, a multi-year experiment on the use of distributed ledger technology for clearing and settlement of payments and securities.
The Global Tokenization Hub is expected to launch in the first quarter of 2024, with a pilot phase involving selected use cases and participants. The hub will then scale up its activities and scope over time, with the aim of becoming a global reference point for tokenization best practices and standards.
Ravi Menon, Managing Director of MAS, said: “Tokenization has the potential to unlock new sources of capital, create new investment opportunities and lower transaction costs for both issuers and investors. The Global Tokenization Hub will bring together key players in the tokenization space to co-create solutions that will benefit the global financial industry. We are delighted to partner with BNY Mellon, DBS, JPMorgan and MUFG in this exciting endeavor.”
Roman Regelman, CEO of Asset Servicing and Head of Digital at BNY Mellon, said: “BNY Mellon is committed to driving innovation and supporting the development of the digital asset ecosystem. As a global leader in asset servicing, we are well-positioned to help our clients navigate the evolving tokenization landscape and tap into new opportunities. We are proud to be part of the Global Tokenization Hub and look forward to collaborating with MAS and our fellow partner banks.”
Piyush Gupta, CEO of DBS, said: “DBS has been at the forefront of digital transformation and innovation in banking. We have been actively exploring the use of tokenization to create new value propositions for our clients across various asset classes and markets. We are pleased to join forces with MAS and our partner banks in the Global Tokenization Hub, which will further enhance Singapore’s position as a leading digital finance hub in Asia and beyond.”
Umar Farooq, CEO of Onyx by JPMorgan, said: “JPMorgan has been investing in blockchain and tokenization for several years, as we believe they can bring significant benefits to both our clients and the broader financial system. We are excited to be part of the Global Tokenization Hub and work with MAS and our partner banks to foster innovation and adoption of tokenization in Singapore and globally.”
Kanetsugu Mike, President & CEO of MUFG Bank Ltd., said: “MUFG has been actively pursuing digital transformation initiatives to provide better solutions for our customers. We see great potential in tokenization to enhance efficiency, transparency and security in various financial transactions. We are honored to be part of the Global Tokenization Hub and collaborate with MAS and our partner banks to advance the tokenization agenda.”
Binance to launch new Crypto Exchange in Thailand as Binance Labs Make strategic Investment on Arkham Intelligence
Binance, the world’s largest cryptocurrency exchange by trading volume, has announced that it will launch a new platform in Thailand in partnership with CP Group, the conglomerate owned by the country’s second richest man, Chearavanont family.
The new exchange, dubbed Binance Thailand, will offer trading and investment services for Bitcoin and other digital assets, as well as fiat-to-crypto and crypto-to-crypto conversions. Binance Thailand will also leverage CP Group’s extensive network of businesses and customers to promote the adoption of blockchain technology and cryptocurrencies in the Southeast Asian nation.
Binance CEO Changpeng Zhao said that the collaboration with CP Group is a strategic move to expand Binance’s global presence and reach new markets. “Thailand is a key market for us, with a vibrant and growing crypto community and a supportive regulatory environment. We are excited to partner with CP Group, one of the most respected and influential companies in Thailand, to bring our innovative products and services to millions of Thai users,” he said.
CP Group Chairman Suphachai Chearavanont said that the partnership with Binance is part of the group’s vision to embrace digital transformation and innovation. “We believe that blockchain and cryptocurrencies have the potential to create new opportunities and value for our businesses and customers, as well as contribute to the social and economic development of Thailand. We are delighted to join forces with Binance, the global leader in this field, to launch Binance Thailand and make it the leading crypto exchange in the country,” he said.
Binance Thailand is expected to launch in the first quarter of 2024, subject to regulatory approval from the Securities and Exchange Commission of Thailand (SEC). The SEC has been proactive in regulating the crypto sector, issuing licenses for digital asset businesses and setting rules for initial coin offerings (ICOs) and security token offerings (STOs).
Binance Thailand will join Binance’s growing network of local platforms, which include Binance US, Binance Singapore, Binance Uganda, Binance Jersey, Binance Korea, and Binance Australia. Binance also operates a decentralized exchange (DEX) and a peer-to-peer (P2P) trading platform that support multiple fiat currencies.
Binance Labs have invested in $ARKM, the native token of Arkham Intel
Binance Labs, the venture arm of the leading cryptocurrency exchange Binance, has announced a strategic investment in Arkham Intel, a blockchain-based intelligence platform that aims to provide actionable insights for crypto investors and traders.
Arkham Intel leverages advanced data analytics, machine learning, and natural language processing to generate market signals, sentiment analysis, and trend detection for various crypto assets. The platform also offers a native token, $ARKM, that can be used to access premium features and services.
According to a press release, Binance Labs participated in Arkham Intel’s seed round, along with other prominent investors such as Alameda Research, CMS Holdings, CoinFund, Divergence Ventures, and Spartan Group. The amount of the investment was not disclosed.
Binance Labs said that it was impressed by Arkham Intel’s vision and team, which consists of experienced professionals from the fields of finance, technology, and cybersecurity. Binance Labs also expressed its confidence in Arkham Intel’s ability to deliver high-quality data and insights to the crypto community.
“We are thrilled to support Arkham Intel as they build a cutting-edge intelligence platform for the crypto space. We believe that data-driven decision making is crucial for the growth and maturity of the crypto industry, and we are excited to see how Arkham Intel will empower crypto investors and traders with actionable insights,” said Wei Zhou, Head of Binance Labs.
Arkham Intel’s co-founder and CEO said that the investment from Binance Labs was a validation of their vision and product. He also said that the partnership would enable them to leverage Binance’s ecosystem and network to reach a wider audience and provide more value to the crypto community.
“We are honored to have Binance Labs as our strategic partner and investor. Binance is not only the leading crypto exchange in the world, but also a pioneer and innovator in the crypto space. With their support and guidance, we are confident that we can achieve our mission of providing the best intelligence platform for the crypto space”.