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SINGAPORE (Aug 24): The Monetary Authority of Singapore (MAS) and Singapore Exchange (SGX) are collaborating to develop Delivery versus Payment (DvP) capabilities for the settlement of tokenised assets across different blockchain platforms.
This will allow financial institutions and corporate investors to carry out simultaneous exchange and final settlement of tokenised digital currencies and securities assets. In turn, these improve operational efficiency and reducing settlement risks.
Under this project, Anquan, Deloitte and Nasdaq have been appointed as the technology partners.
The technology partners will leverage on the open-source software developed, which has been made publically available in the Project Ubin Phase 2.
The project will then report on the potential of automating DvP settlement processes with Smart Contracts and identify key design considerations to ensure resilient operations and enhanced protection for investors. This report will be released by Nov 2018.
To recap, Project Ubin started in Nov 2016 as an industry collaboration to explore the use of Distributed Ledger Technology (DLT) for clearing and settlement of payments and securities. The first two phases of this project focused on domestic inter-bank payment and settlement.
Distributed Ledger Technology (DLT) for clearing and settlement of payments and securities says, “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.”
Tinku Gupta, Head of Technology at SGX, and project chair says, “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. This is a collaborative innovation bringing together multiple players to pursue real-world opportunities that will benefit the ecosystem.”