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

The new company, dubbed Partior, will use blockchain technology and digitize commercial bank funds to reduce current frictions in international payments, trade and foreign exchange.

This function will allow immediate payment of various types of transactions and help banks overcome global payment challenges in the current financial system, JP Morgan said Wednesday.

The new platform builds on previous work by JPMorgan and Temasek under Project Ubin, a blockchain-based multi-currency payment initiative launched by the Monetary Authority of Singapore in 2017. The platform will be launched Partior with a focus on facilitating flows, mainly between Singapore and its headquarters Banks are denominated in US dollars and Singapore dollars, with the aim of expanding services to other markets in different currencies.

The message indicates that the goal of the platform is to complete the ongoing central bank digital currency projects and use cases. Sopnendu Mohanti, head of fintech at MAS, said Partior provides the core global infrastructure for cryptocurrency transactions. “The launch of Partior is a global turning point for digital currencies, which heralds the movement of pilots and experimentation towards direct marketing and adoption,” he said.

DBS CEO Piyush Gupta said blockchain technology and smart contracts will enable Partior to support “real-time cross-border multi-currency payments, trade finance, foreign currency settlement and DVP securities settlement on a world-class platform characterized by programming, stability and traceability.” Service Pack. ”

The three members of the Partior Project are working to boost their participation in the cryptocurrency industry. In late 2020, DBS created a cryptocurrency exchange unit called DBS Digital Exchange, which allowed investors to trade major currencies such as Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH) and XRP.

JPMorga reportedly began hiring Ethereum developers in April. There are also rumors that the company is preparing to create an actively managed Bitcoin fund. As reported in March, Temasek is allegedly investing in Bitcoin.

Source: CoinTelegraph