JPMorgan and DBS launch blockchain platform for cross-border payments

Major US investment bank JPMorgan has partnered with Singapore’s largest bank, DBS, and state investment firm Temasek to launch a new blockchain company focused on global payments and interbank transactions.

The new company, called Partior, will use blockchain technology and digitize commercial bank money to reduce the existing friction in cross-border payments, trade transactions and foreign exchange settlements.

Such functionality would enable instant settlement of payments for various types of transactions, enabling banks to overcome the global payment-related challenges in the current financial system, JPMorgan said in an announcement Wednesday.

The new platform builds on the previous work of JPMorgan and Temasek as part of Project Ubin, a blockchain-based multi-currency payment initiative initiated by the Monetary Authority of Singapore in 2017. Partior’s platform will be launched with a focus on facilitating flows primarily between Singapore-based banks in both the US dollar and Singapore dollar, with the aim of expanding the service offering to other markets in different currencies.

The platform is intended to complement ongoing digital currency projects and central bank use cases, the announcement notes. Sopnendu Mohanty, MAS chief fintech officer, said Partior provides a fundamental global infrastructure for digital currency transactions. “The launch of Partior is a global turning point for digital currencies, marking a shift from pilots and experimentation to commercialization and live adoption,” he said.

DBS CEO Piyush Gupta stated that blockchain technology and smart contracts will enable Partior to “support real-time cross-border payments in multiple currencies, trade finance, foreign exchange and DVP securities settlement on a world-class platform, with programmability, immutability, traceability.” his service package. “

All three of Partior’s project participants are consolidating their commitment to the cryptocurrency industry. In late 2020, DBS established a crypto exchange division called DBS Digital Exchange, which allows investors to trade major currencies such as Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH) and XRP.

JPMorga reportedly started hiring Ethereum developers in April. It is also rumored that the company is preparing to launch an actively managed Bitcoin fund. As reported in March, Temasek is reportedly a Bitcoin investor.

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