Singapore authorities have developed an international blockchain-based payment network that surpasses traditional systems in terms of speed and cost of transactions, as reported by Reuters.

The developer of the project, called Ubin, was the Singapore Monetary Authority (MAS). The state-owned holding Temasek and J.P. Morgan have already invested in the project. The MAS has already represented the working prototype of the payment system.

In a joint statement, MAS and Temasek said that the payment network will support cross-border money transfers in various currencies and settlements on securities denominated in foreign currency. The network will also be able to provide currency exchange.

The developers intend to reveal a number of technical details of the project in order to stimulate further development of the industry.

Recall that in January, Singapore adopted new legislation for cryptocurrency companies, putting emphasis on combating money laundering and countering the financing of terrorism.

In mid-May, Temasek joined the Libra Association, engaged in the development of Facebook digital currency.