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Singapore Exchange Partners MAS to Harness Blockchain Technology

Singapore exchange decides to work with the Monetary Authority of Singapore (MAS) utilizing the blockchain technology for enhancing the efficiency of security settlements.

The Singapore Exchange (SGX) published a post today announcing the collaboration to scale up the Delivery versus Payment (DvP) capability in the country. Additionally, this will ensure the automatic transactions via blockchain operating smart contracts.

However, DvP is nothing but a settlement process ensuring assets transaction only when payments correspondence is received. According to the reports, the lending technological support includes a list of firms such as Nasdaq, Deloitte, and Anquan.

  • Nasdaq is an American stock exchange ranking as the second largest exchange by market cap behind NYSE.
  • Deloitte is a professional service firm which is related to audit, consulting, tax and advisory services.
  • Anquan roots in deep research developing technologies and offering high-security applications to the enterprises and users.

The team goal is to build a distributed network where investors and financial institutions can transact security, converting into digital tokens via distinct blockchain platforms.

The partners’ states the technology will engineer depending on the open source code coming from the recent development of Ubin Project. However, this project is the initials by the MAS in 2016 test out balancing interbank transactions via distributed ledger technology (DLT).

According to the reports, the report detail identifying and exploring key design considerations will be out by November. Also, the project chair, head of technology at SGX, Tinku Gupta says in a statement:

This initiative will deploy blockchain technology to efficiently link up funds transfer and securities transfer, eliminating both buyers’ and sellers’ risk in the DvP process.

The Singapore Exchange SGX is security trading platform turning to blockchain technology for tremendously quick securities settlements.  At the moment, the Australia Securities Exchange is looking to play a move. However, the move will likely replace its settlement system built with the new blockchain startup Digital Asset Holdings. Everyone is expecting this might roll out by 2020.

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Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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