BTC Wires: A recent announcement told us that the Singapore Stock Exchange (SGX) is partnering with the Monetary Authority of Singapore (MAS) to allow for Delivery versus Payment (DvP) capabilities to settle token assets in crypto over various blockchain platforms. This initiative will allow financial institutions as well as investors on a corporate level to conduct simultaneous processes of exchange and final settlement of cryptocurrency tokens and securities. Sopnendu Mohantu, who is the chief fintech officer of the Monetary Authority of Singapore, remarked that they are hoping to greater levels of growth in this sector with FinTech firms harnessing the potential and talent inherent in the large pool of experts in Singapore. He said that the optimal utilisation of such human resources would help to create unique blockchain applications rooted in innovation and efficiency. This, in turn, will help the firms to expand their business using the new opportunities that have become available to them with the advent of blockchain solutions.
This initiative has taken under its umbrella major fintech firms such as Anquan, Nasdaq and Deloitte in order to make use of the open-source software that had been developed during Project Ubin Phase 2. The software had been put on the public domain around the same time.
As per the announcement that was made, the project will be coming up with a report in the month of November. This report will aim at detailing the prospective worth and viability of using Smart Contracts to make DvP settlements automatic. It will also identify principal design considerations to make sure the investors enjoy a superior degree of security and protection and that operations’ retain their resilience.
SGX’s tech honcho and Project Chair Tinku Gupta remarked that the use of blockchain will allow for efficiency in transfering funds and securities, so that the risks threatening parties to a transaction can be minimised to the maximum extent. Bringing together leaders from various subsections of the field, the project is expected to aid the overall ecosystem to grow.
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