Tech partners NASDAQ, Deloitte, and Anquan have developed various platform prototypes in order to facilitate the settlement of cryptos across more blockchain for the Monetary Authority of Singapore (MAS), Singapore Exchange (SGX) and the central bank.
The whole system can speed up and simplify post-trade processes.
The Delivery versus Payment (DvP) prototypes allow financial institutions and corporate investors to make final settlements of tokenized digital currencies and securities on various blockchain platforms with exchanges that have the ability to reduce settlement risks.
MAS and SGX release a joint report
MAS and SGX have released a joint industry report that offers a straightforward view of how small contracts are deployed on automated DvP settlement processes.
The system highlights the ways in which interledger interoperability and investor protection can be reached via blockchain.
Sopnendu Mohanty, chief fintech officer of MAS, says “Blockchain technology and asset tokenization are fueling a new wave of innovation globally. This project has demonstrated the value of blockchain technology and the benefits it can bring to the financial industry in the short to medium term. The concept of asset tokenization, as well as other learnings, gleaned from this project, can potentially be applied to a broad spectrum of the economy, creating a whole new world of opportunities.”
Singapore Exchange filed its very first tech patent, as announced by Tinku Gupta, head of technology at SGX.
Banks and financial institutions support crypto and the blockchain technology
This successful trial is only an example of the type of advancement that banks and financial services companies all over the world have been making in order to support the industry.
Just like Malta, it looks like Singapore devised an open regulatory framework for the blockchain tech. overall,t his will allow innovators, entrepreneurs, and developers to create innovative projects.
Damien Pang, head of the technology infrastructure MAS said back during the Consensus Singapore that they are taking an approach where regulations focus on the goal rather than the technology. They don’t plan to regulate any technologies because these are always advancing with time.
