MAS & SGX explore blockchain with Anquan, Deloitte & Nasdaq

MAS & SGX explore blockchain with Anquan, Deloitte & Nasdaq 21788
Madhurima Roy
Aug 27, 2018 at 11:00 PM

The Monetary Authority of Singapore (MAS) and Singapore Exchange (SGX) have recently announced that they have come together to create a blockchain platform for securities’ settlements. The duo will help financial institutions and professionals in carrying out "simultaneous exchange and final settlement of tokenized digital currencies and securities assets, improving operational efficiency and reducing settlement risks". This will be achieved through the development of Delivery versus Payment (DvP) capabilities that the duo decided to work on.

For the successful completion of the project, the duo will be implementing the blockchain developed by the MAS, which is the central bank of Singapore.

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Talking about the blockchain venture, SGX head of technology and project chair Tinku Gupta, said: “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.”

Technology partners of MAS and SGX

To assist the project, reputed companies and global pioneers like Anquan, Deloitte and Nasdaq have come together as technology partners for this project. The trio will be responsible for "open-source software developed and made publicly available in Project Ubin Phase 2".

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On behalf of MAS, Sopnendu Mohanty, the company's Chief FinTech Officer, said: “Blockchain technology is radically transforming how financial transactions are performed today, and the ability to transact seamlessly across blockchains will open up a world of new business opportunities. The involvement of three prominent technology partners highlights the commercial interest in making this a reality. We expect to see further growth in this space as FinTechs leverage on the strong pool of talent and expertise in Singapore to develop innovative blockchain applications and benefit from the new opportunities created.”

Image via Shutterstock

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