Singapore’s SWF starts work on cross-border payment network
JP Morgan, DBS Bank and Temasek say project will build on collaboration with MAS
Singapore’s sovereign wealth fund Temasek, JP Morgan and DBS Bank plan to develop a platform to streamline cross-border payments.
The project follows the three organisations’ co-operation with the Monetary Authority of Singapore (MAS) on its central bank digital currency (CBDC) initiative.
DBS Bank is a Singaporean bank that is essentially state owned; Temasek is its controlling shareholder.
In a joint statement on April 28, the trio said they had established a new technology company, Partior
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