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Laxman Pai, Opalesque Asia: The Monetary Authority of Singapore (MAS) in collaboration with the Singapore Exchange (SGX) is developing new Delivery versus Payment (DvP) features for the settlement of tokenized resources based on different blockchain platforms.
Part of its ongoing 'Project Ubin' blockchain integration scheme, it will use and build upon the blockchain developed by the central bank's own effort to tokenize the Singaporean dollar into a digital currency.
Blockchain startup Anquan Capital, major accounting and professional services firm Deloitte and stock exchange giant Nasdaq were listed as technology partners for the initiative. They will contribute to the project report which will review the potential of automating settlement processes using Smart Contracts.
This facility, made possible using MAS' Project Ubin open-source software, will assist financial institutions and corporate investors to reduce risk and enhance the efficiency of digital settlements throughout Singapore.
MAS said in a statement: "This will allow financial institutions and corporate investors to carry out simultaneous exchange and final settlement of tokenised digital currencies and securities assets, improving operational efficiency and reducing settlement risks."
SGX head of technology and project chair Tinku Gupta stated: "This initiative will deploy blockchain technology to efficiently link up funds transfer and securities transfer, eliminating both bu...................... To view our full article Click here
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