Central banks in UK, Singapore, and Thailand test tokenized foreign exchange settlements
The Bank of England, the Monetary Authority of Singapore, and the Bank of Thailand have released results from a joint trial that connected traditional payment infrastructure with distributed ledger technology to settle foreign exchange trades simultaneously.
The central banks of the United Kingdom, Singapore, and Thailand have completed cross-border currency experiments demonstrating that foreign exchange trades can settle concurrently across conventional and distributed ledger systems. The initiative connected traditional real-time gross settlement systems with blockchain-based networks to test settling both legs of an FX transaction together across their test platforms.[1][2][3][4]
Conducted under Project Meridian FX APAC, the trial utilized a synchronization prototype developed by Partior. Using the prototype, the Bank of England, the Monetary Authority of Singapore, and the Bank of Thailand carried out simultaneous payment-versus-payment settlements as well as multilateral netting processes across multiple time zones.[1][2][4]
The central banks of Australia and the Philippines also participated in the experiment, serving as observers during the cross-border testing.[4]
Key facts
- The Bank of England, the Monetary Authority of Singapore, and the Bank of Thailand published findings from a cross-border foreign exchange settlement trial.
- The trial linked conventional real-time gross settlement systems with distributed ledger technology.
- The testing was conducted under Project Meridian FX APAC using a prototype developed by Partior.
- The participants tested simultaneous payment-versus-payment foreign exchange settlements and multilateral netting across different time zones.
- The central banks of Australia and the Philippines took part in the project as observers.
Sources · 4 sources
- TB
The Block@TheBlockCoPost on X ·
THE BLOCK: Three central banks published results from an FX settlement trial linking traditional and tokenized payment systems. The Bank of England, the Monetary Authority of Singapore, and the Bank of Thailand used a prototype built by Partior to test settling both sides of an FX trade together across their test systems.
Open source - TB
The BlockArticle ·
UK, Singapore, and Thailand central banks complete foreign exchange settlement trial linking traditional and tokenized systems Three central banks published findings from a cross-border FX settlement trial using Partior's synchronization prototype.
Open source - CO
Cointelegraph@CointelegraphPost on X ·
🇬🇧🇸🇬🇹🇭 LATEST: The UK, Singapore and Thailand’s central banks completed a trial showing that cross-border currency trades can settle simultaneously across traditional and distributed ledger systems. https://t.co/TmKTQ24StV
Open source - BS
BSCN@BSCNewsPost on X ·
Three Central Banks Complete Cross-Border Currency Blockchain Trials The central banks of the UK, Singapore, and Thailand have conducted cross-border currency experiments as part of Project Meridian FX APAC. The project involved connecting conventional RTGS systems to distributed ledger technology. Using the prototype developed by Partior, the Bank of England, the Monetary Authority of Singapore, and the Bank of Thailand conducted simultaneous payment-versus-payment foreign exchange settlements and multilateral netting processes across different time zones. Participants in the experiment also included the central banks of Australia and the Philippines, which served as observers.
Open source