Speaking at MIT in 2019 at the Business of Blockchain event, Sopnando Mohanty, Chief Financial Officer at the Monetary Authority of Singapore (MAS), discussed the city-state’s position on the blockchain and its progress in implementing technology at the national level. Mohanty commented on the cross-border payment proceedings that MAS conducted with the central bank of Canada earlier this week. As a result of the merger of the distributed accounting technology (DLT) networks of the two countries, Project Ubin and Project Jasper, the transfer of funds became the first such payment between central banks.
At the same time, Ripple seeks to attract the interest of the banking sector to its products that use the XRP to make payments without borders.
One such implementation, MoneyTap, has aroused considerable interest from Japanese banks after the long-term partnership of Ripple with the SBI Group.
However, according to Mohanty, it’s hard to see tangible benefits for Singapore.
“One thing that was very attractive to us was the whole efficiency gain associated with cross-border payments,” he said of the DLT test.
“We don’t see much in the digital currency of Ripple Bank, but definitely still hope that we can eliminate the greater inefficiency […] when it comes to cross-border payments.”
As of the beginning of 2018, Ripple was negotiating with MAS about possible uses of its technology.