JPMorgan teams with Singapore's DBS and Temasek to form a blockchain payment platform

• JPMorgan Chase announced it is teaming up with Singapore's DBS Group and Temasek to form a blockchain payments platform.
• The platform aims to ease frictions for cross-border payments, trade, and currency settlements.
• The new company, dubbed Partior, will leverage blockchain technology and digitize M1 commercial money.

JPMorgan Chase announced it is teaming up with Singapore's DBS Group Holdings and Temasek Holdings to form a blockchain payments platform in a bid to ease cross-border payments, trade, and currency settlements.

The newly-established technology company, Partior, will leverage blockchain technology and digitize M1 commercial money, according to a statement Wednesday.

The platform will develop wholesale payment rails based on digitized commercial bank money to enable "atomic" or instantaneous settlement for various kinds of financial transactions, according to a statement.

"We are thrilled by the launch of Partior as it marks yet another milestone for JPMorgan and the industry - blockchain-based wholesale payments infrastructure where information and value can change hands around the world in a 24/7, frictionless way," Takis Georgakopoulos, global head of wholesale payments at JPMorgan, said in a statement.

Partior will be designed to complement ongoing central bank digital currencies initiatives and use cases.

In the beginning, Partior will focus on facilitating flows primarily between Singapore-based banks in both US and Singapore dollars but will expand its service offerings to other markets and currencies.

Headquartered and listed in Singapore, DBS is a financial services group in Asia active in 18 markets.

Temasek, also based in Singapore with 11 global offices, is an investment company with a portfolio of $214 billion as of March 2020.