Ravi Menon, managing director of the Monetary Authority of Singapore, speaks at the Singapore Fintech Festival in Singapore on Wednesday. (Reuters photo)SINGAPORE - In a major move to explore the use of digital currency in Singapore, the city state's central bank plans to launch a pilot project with the country's stock exchange and eight local and foreign banks to use blockchain technology for interbank payments. The consortium includes Bank of America Merrill Lynch, the Bank of Tokyo-Mitsubishi UFJ, Ltd, Credit Suisse, DBS Bank Ltd, the Hongkong and Shanghai Banking Corp Ltd, JP Morgan, OCBC Bank, Singapore Exchange and United Overseas Bank. "The next phase of the project will involve transactions in foreign currency, possibly with the support of another central bank," Menon told an audience of bankers and executives from technology companies. Policymakers in Singapore have sought to attract investment in Fintech, easing regulation and setting up special departments to support the industry.

Source: Bangkok Post November 16, 2016 10:43 UTC