Singaporean officials are ready to begin testing whether cross-border payments could be carried out using distributed ledger technology, following a successful pilot for carrying out interbank payments.

Working with the R3 CEV blockchain consortium, the Monetary Authority of Singapore (MAS) has built a digital version of a Singaporean dollar for interbank settlement.

Under the trial, the technology was used to connect bank systems to a shared ledger, which was made to work with the country’s electronic payment system, automating the management of collateral.