Singapore’s DBS Bank is partnering with JPMorgan and Temasek to create a new blockchain platform.
In Brief:
Blockchain will be used for payments, trade and foreign exchange settlement.
This will be developed through a company called Partior, which is Latin for “to distribute and share”.
The aim is to “digitise commercial bank money” to reduce friction and enable faster payments.
What does this mean?
The new entity will eventually develop wholesale payment rails to enable various kinds of settlements, which will help banks process global payments more easily.
