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. Partior’s platform will launch with a focus on facilitating flows mainly between Singapore-based banks in both the United States dollar and the Singapore dollar, aiming to extend service offerings to other markets in various currencies.
The platform aims to complement ongoing central bank digital currency projects