Project Ubin

Project Ubin is a digital cash-on-ledger project run in partnership between Monetary Authority of Singapore (MAS) and R3, with the participation of Bank of America (BOA) Merrill Lynch, Credit Suisse, DBS bank, The Hongkong and Shanghai Banking Corporation Limited, J.P. Morgan, Mitsubishi UFJ Financial Groupb (MUFG), OCBC bank, Singapore Exchange (SGX), and United Overseas Bank (UOB), as well as BCS Information Systems as a technology provider.

The aim of Project Ubin is building a digitalized form of the SGD (Singapore's national currency) on a distributed ledger to bring many benefits to Singapore's financial ecosystem. The benefits would be the same as that of any other cryptocurrencies. 

Currently, this application is built using Quorum, but in future it may move to Corda as R3 is one of the partners.

MAS is Singapore's central bank and financial regulatory authority. MAS acts as a settlement agent, operator, and overseer of payment, clearing, and settlement systems in Singapore that focus on safety and efficiency.