Ravi Menon, managing director of the Monetary Authority of Singapore, speaks at the Singapore Fintech Festival in Singapore on Wednesday. (Reuters photo)This is according to Ravi Menon, managing director of the Monetary Authority of Singapore (MAS) speaking at the Singapore Fintech Festival. Under the pilot system banks will deposit cash as collateral with the MAS in exchange for MAS issued digital currency. In a major financial technology move, Singapore plans to explore the use digital currency and blockchains for interbank payments. In a major fintech move, Singapore to use digital currency & blockchains for interbank payments.

Source: Bangkok Post November 16, 2016 14:45 UTC