Singapore Exchange will develop blockchain platform

[Buenoscoin]

A recent statement from the Singapore Exchange (SGX) reveals its partnership with the Monetary Authority of Singapore (MAS) in order to use distributed ledger technology to optimize securities settlement processes.

The main objective of the collaboration is to improve the capacity and procedure of delivery versus payment (Delivery-Vs-Payments or DvP) of assets and transactions through the blockchain platform, also using smart contracts. In this way, the risks will be reduced and a greater operational efficiency will be created.

Likewise, the platform will allow investors and financial institutions to trade in various blockchain platforms the securities and assets that have been tokenized.

In this regard, the head of technology of the SGX, Tinku Gupta, stressed that:

This initiative will use blockchain technology to efficiently link funds transfers and securities transfers, eliminating the risk of both buyers and sellers in the DvP process.

It should be noted that the project will have three commercial partners of international relevance: Deloitte, NASDAQ and the startup blockchain Anquan, which will help with the development and promotion of the initiative, which uses open source software, developed as a result of the project. 'Ubin' launched in 2016 and that allows to settle inter-bank transactions through the blockchain.


For its part, this coming November, the company will publish a report that will identify key design points and other considerations to be implemented.


Did you like this article? Don’t forget to follow @Buenoscoin on instagram to stay up to date with all the news of the cryptoworld.