Singapore will launch a new electronic payment system using blockchain, the technology behind the cryptocurrency Bitcoin, the city-state's central bank chief said Wednesday.
The Singapore stock exchange and eight banks will take part in the pilot project, which includes payment between banks, said Monetary Authority of Singapore (MAS) chief executive Ravi Menon at the Singapore Fintech Festival.
Blockchain technology debuted in 2009 as a public ledger for the digital currency bitcoin, but its potential for securely tracking transactions has meant it is being eyed for other uses.
The pilot project aims to integrate the service into the mainstream as the Southeast Asian country seeks to become a regional hub for new financial technologies.