DBS, JPMorgan & Temasek Partner for Unified Blockchain Payments Platform
(29 April 2021 – Global) JPMorgan has partnered Temasek and DBS to create a new blockchain payment platform which will be used for business trading activities and foreign exchange (FX) settlements.
The new platform will utilise the power of blockchain technology and digital commercial bank currency to reduce settlement time and eliminate frictions associated with cross-border payments. The group expect this new development to eventually be able to replace traditional payment platforms.
“Making global payments is an erroneous process because of the incorporation of intermediaries. Using blockchain and smart contracts would help solve the issues faced during payments. Through open banking, global financial firms will have an efficient way to make real-time cross-border payments and conduct trading activities” commented DBS Bank CEO, Piyush Gupta
“The newly launched platform would impact global payments using new and innovative technologies. It will therefore promote the movement of cryptocurrencies. Launching the platform will also improve the speed at which cryptocurrencies are commercialized and adopted” commented Temasek CEO, Chia Song