JPMorgan and DBS’ new blockchain interbank platform is designed to complement central bank digital currency projects.
Major American investment bank JPMorgan is working with Singapore’s largest bank, DBS, and state investment firm Temasek to launch a new blockchain company focused on global payments and interbank transactions.
Dubbed Partior, the new firm will use blockchain technology and digitize commercial bank money to reduce the existing friction in cross-border payments, trade transactions and foreign exchange settlements.
Such functionality would enable instant settlement of payments for various types of transactions, helping banks overcome global payment-related challenges in the current financial system, JPMorgan said in a Wednesday announcement.
The new platform builds on JPMorgan and Temasek’s past work as part of Project Ubin, a blockchain-based multi-currency payment initiative initiated by the Monetary Authority of Singapore in 2017.