Singapore’s central bank and financial regulatory authority, Monetary Authority of Singapore (MAS) and investment holding company, Singapore Exchange Ltd. (SGX) have recently developed a new Delivery versus Payment (DvP) proficiency to settle tokenized assets across distinct blockchain platforms.
According to a joint statement, the companies claim that their blockchain tech would help simplify post-trade processes and further shorten settlement cycles. DvP is a payment procedure where securities and assets are exchanged at the same time, so that delivery of securities only takes place if payment is made.
The collaboration also demonstrates capabilities to achieve DvP settlement finality, investor protection and interledger interoperability through solutions designed and built on blockchain technology, said the companies.
Jointly developed with technology partners Deloitte, Anquan, and Nasdaq, the DvP prototypes have validated corporate investors and financial institutions’ capability to simultaneously carry out exchange and final payment of tokenized digital currencies and security assets on different blockchain platforms, further enhancing efficiency and reducing payment risks, cite sources.
According to The Star, Sopnendu Mohanty, MAS’ Chief Fintech Officer, was quoted saying that blockchain technology and asset tokenization are driving a new wave of innovation globally. The project has verified the value of blockchain technology and the benefits it can bring to the financial industry in the short to medium term durations.
The concept of asset tokenization, as well as other learnings gathered from this project, can potentially be applied to a broad spectrum of the economy, creating a whole new world of opportunities, Mohanty added.
As per Tinku Gupta, Head of Technology at Singapore Exchange, the stock exchange was delighted to drive this key industry effort to accelerate innovation in the marketplace. Based on its unique methodology, SGX has developed to allow real-time interoperability of platforms, as well as simultaneous exchange of digital securities and tokens through the firm’s first-ever technology patent, Gupta said.
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