There was test conduction on Tokenized Assets Settlement by SGX and MAS. The results come as a successful implementation says the reports of Nov 11, SGX release.
This report reveals the trial data starts in August. Shortly follows the partnership between MAS and SGX with NASDAQ, Deloitte, and Anquan. After the release, partners design a blockchain driving solution for Delivery versus Payment (DvP) functionality. DvP is a settlement process where the buyer’s payment for securities remains due at the delivery time.
The trial concludes that financial institutions with corporate investors can carry out the exchange and final settlement. They can use tokenized assets on distinct blockchain platforms simultaneously. Singapore platform SGX believes this will enhance operational efficiency minimizing settlement risks. Moreover, the technology will further automate the DvP settlement procedure using smart contracts.
The Head of Technology at SGX, Tinku Gupta states that the exchange files its first patent:
Based on the unique methodology that SGX developed to enable real-world interoperability of platforms, as well as the simultaneous exchange of digital tokens and securities, we have applied for our first-ever technology patent.
The previous reports also reveal that Singapore companies are actively implementing and testing blockchain solutions in numerous areas. Moreover, there are some examples.
In July, CrimsonLogic, a service provider discloses its cross-border blockchain platform for global trading. They target to boost the trading efficiency corridors between the Association of Southeast Asian Nations (ASEAN) and China.
In October, SP Group, a giant Singapore corporation supplying electricity & gas transmission was in news. It launches a blockchain renewable energy certificate marketplace. This was basically to buy/sell solar energy globally.
At the end of October, NASDAQ wins a U.S. patent regarding smart-contract information release system. This patent now allows keeping data secure before the issue. There are many markets still awaiting decisions for several blockchain patents as well.
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