Temasek, DBS, JPMorgan team up to launch blockchain payments platform

Details:

• The new company aims to reduce the current friction and the amount of time taken in facilitating cross-border payments. It will leverage blockchain technology and digitize M1 commercial bank money.
• The new platform will be named Partior, which means “to distribute and share” in Latin. It will also develop wholesale payment rails to enable instant settlement of payments for various types of financial transactions.

Context:

• Partior is expected to first focus on facilitating payment flows between Singapore-based banks in both US and Singaporean dollars.
• Last December, DBS planned to set up a digital exchange to help both institutional and accredited investors tap into fully integrated tokenization and digital asset trading.