Case Study: The Monetary Authority of Singapore achieves real-time gross settlement (RTGS) and transaction privacy with ConsenSys

The Monetary Authority of Singapore - Customer Case Study

The Monetary Authority of Singapore (MAS) launched Project Ubin to explore the role of central institutions as cryptocurrencies and tokenization gain traction, seeking to test distributed ledger technology for real‑time gross settlement (RTGS) and secure tokenized payments. MAS partnered with enterprise blockchain providers including ConsenSys (ConsenSys Solutions) and JP Morgan’s Quorum to assess feasibility, privacy, and resilience for central‑bank digital payment systems.

ConsenSys worked with MAS and consortium banks in Phase 2 to implement a blockchain‑based RTGS prototype that demonstrated transaction privacy, settlement finality and elimination of single points of failure. The proof‑of‑concept showed the potential to move settlement from T+2/T+3 toward T+0, and MAS open‑sourced the codebase — enabling adoption such as South Africa’s Project Khokha, increased transaction volume and network resilience, and wider industry recognition.

The Monetary Authority of Singapore