Project Ubin: A Journey of Innovation

Reimagining cross-border payments and settlements through digital currencies with blockchain

Project Ubin: A Journey of Innovation

Reimagining cross-border payments and settlements through digital currencies with blockchain


DBS has been a leading partner in Project Ubin since its inception in 2016. The multi-phase industry initiative, led by the Monetary Authority of Singapore (MAS), explores the uses of blockchain technology for clearing and settlement of payments and securities.

Outcomes of the project phases

DBS is part of the consortium of financial institutions supporting the project, which was successfully completed in July 2020.

Phase 1: Tokenised SGD

  • Launched a proof-of-concept project to conduct inter-bank payments using Blockchain technology. Phase 1 was successfully concluded on 9 March 2017.

Phase 2: Re-imagining Real-time Gross Settlement (RTGS)

  • Developed software prototype of three different models for decentralised inter-bank payment and settlements with liquidity savings mechanisms. 

Phase 3: Delivery versus Payment (DvP)

  • Developed Delivery versus Payment (DvP) capabilities for settlement of tokenised assets across different blockchain platforms, allowing financial institutions and corporate investors to carry out real-time exchange and final settlement of tokenised digital currencies and securities assets, improving operational efficiency and reducing settlement risks. The project demonstrated that DvP settlement finality, interledger interoperability and investor protection can be achieved through blockchain-led solutions.

Phase 4: Cross-border Payment versus Payment (PvP)

  • The MAS, together with The Bank of Canada (BoC), Bank of England (BoE), jointly published a report on 15 November 2018 which assesses alternative models that could enhance cross-border payments and settlements. The report examines existing challenges and considers alternative models that could in time result in improvements in speed, cost and transparency for users.

Phase 5: Enabling Broad Ecosystem Collaboration

  • The final phase of the project explored the development of the multi-currency payments model, to provide connectivity interfaces for other blockchain networks to connect and integrate seamlessly. The work in this phase also explored the value of a blockchain-based payments network for wholesale banking purposes. 
The next leap

Following the close of Project Ubin, DBS, J.P. Morgan and Temasek are leading the development of a digital multi-currency payments network to drive innovation with the eventual goal of enhancing transparency, traceability and immediacy of cross-border wholesale banking transactions. Pilot trials will commence in 2021.

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