DBS, JP Morgan, and Temasek, Singapore’s state-owned investment company, announced today the formation of Partior, a joint venture to create a wholesale blockchain-based payment network aimed at cross-border transactions.

Many commercial banks will digitize deposits, creating programmable money for cross-border transfers, trade transactions, and foreign exchange settlement, thanks to the solution, which was first announced in December.

The multi-currency clearing and settlement solution, once completed, will allow for 24/7 instant settlement or atomicity, in which all payment legs succeed or fail in real-time, eliminating risks and delays.

We notice the omission of tokenized money and JPM Coin since such solutions are often pigeonholed as stable coins. Instead, it’s a settlement solution in which digitized cash is used to reflect bank account balances.

“The current hub and spoke arrangement in global payments often causes delays since confirmations from multiple intermediaries are needed before a settlement is considered final,” said DBS CEO Piyush Gupta.

“As a result, there are inefficiencies in the final settlement of other assets,” says the author.

Initially, the emphasis will be on Singapore-based banks for transactions in USD and SGD.

Still, the plan is to extend into other jurisdictions and provide more currencies.

It will be a “blockchain-based wholesale payments system where information and value can be exchanged across the world in a frictionless, 24/7 manner,” he added. J.P. is a fictional character created by J.P.

As our clients migrate to multiple bank channels, decentralized networks, and programmable capital, Morgan is committed to becoming a leader in this space.”

Partior is designed to work in tandem with central bank digital currency initiatives and use cases.

The joint venture partners are courting other banks. A broader network would support the co-creation of solutions for foreign exchange payment versus payment (PvP) and distribution versus amount (DvP) for securities and other transactions.

To launch, Partior would require regulatory approval. However, the solution arose from the Singapore Monetary Authority’s Project Ubin (MAS).

The J.V. partners told Ledger Insights that they intend to conduct pilot trials with participating banks in the second half of 2021, assuming they meet specific regulatory criteria.

“The launch of Partior is a milestone moment for digital currencies around the world, signalling a shift from pilots and experiments to commercialization and widespread adoption,” said Sopnendu Mohanty, MAS Chief FinTech Officer.

We were curious about the percentage ownership, but since the joint venture is so recent, the corporate register only displays a reserved name for the time being.

The partners declined to comment on the ownership and control of the joint venture.

The announcement comes less than a week after the Bank of England approved central bank omnibus accounts.

Fnality, the interbank settlement network operated by 15 major financial institutions, has taken a significant step forward.

Blockchain Experience


Each of the partners has a strong blockchain background. JP Morgan is best known for creating the Ethereum-based allowed blockchain Quorum, which it sold to ConsenSys last year.

It also developed JPM Coin, a tokenized type of money used in Project Ubin in Singapore, which inspired the Partior solution.

It created the Onyx brand last year to serve as an umbrella for its blockchain initiatives, including allowing the use of digital currencies in e-commerce.


The bank is also addressing payment issues through Liink (formerly IIN). This blockchain-based messaging framework was initially designed to resolve compliance issues but has since expanded.

To facilitate intraday transactions, it developed a blockchain-based repo framework. In the United States, the bank is developing a blockchain solution to simplify check clearing.

Liink (formerly IIN), a blockchain-based messaging system that was initially developed to fix regulatory issues but has since expanded, is also helping the bank with payment issues.

It created a blockchain-based repo platform to help with intraday transactions. The bank is working on a blockchain solution in the United States to make check clearing easier.

Temasek is a founder of Diem and has participated in several blockchain projects (formerly Libra).

Two of the most well-known are a digital asset joint venture with SGX and identity startup Affinidi, which aims to play a vital role in incorporating various COVID health certificates.