Singapore Stock Exchange To Use Blockchain For Securities Settlements
Singapore's primary stock exchange has declared a working partnership with the nation's central bank to build up a blockchain platform for securities' settlements.
In a declaration on Friday, the Singapore Exchange (SGX) revealed the details of the new working partnership with the Monetary Authority of Singapore (MAS) – the nation's central bank – to improve Singapore's Delivery versus Payment (DvP) limit with automation powered by blockchain smart contracts.
The project will utilize and build upon the blockchain created by the central bank's own attempt to tokenize the Singaporean dollar into a digital money, as a part of its 'Project Ubin' activity.
Ultimately, the attempt sees the target of building up a DvP mechanism that empowers organizations to transact and settle securities – tokenized digitally – across various blockchain platforms while eliminating securities risks and enhancing operational efficiency.
The SGX stated that the joint venture "will allow financial institutions and corporate investors to carry out simultaneous exchange and final settlement of tokenized digital currencies and securities assets, improving operational efficiency and reducing settlement risks."
SGX head of innovation and project chair Tinku Gupta expressed:
"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."
A similar declaration by Singapore's central bank featured Stock Exchange giant Nasdaq, 'big four' accounting and services firm Deloitte and blockchain startup Anquan as the project's technology partners.
Sopnendu Mohanty, fintech boss at Singapore's national bank, was cited as expressing:
"Blockchain technology is radically transforming how financial transactions are performed today, and the ability to transact seamlessly across blockchains will open up a world of new business opportunities"
Singapore's Central bank has already... Blockchain Technology... Click Here to continue reading.
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About
Based in Republic of Singapore, CRXZone.com is a Merchant Payment gateway and order book exchange for crypto currencies like bitcoin, litecoin, etc.
Robust system built by a technical team of 4 people over the Four months with high security and very user friendly reports and navigation. Work still going on to add more features.
Trading Multiple Pair Bitcoin ( BTC/USD, BTC/EUR, BTC/SGD, BTC/LTC) and Litecoin ( LTC/USD, LTC/EUR, LTC/SGD)
Fiat Deposit and Withdrawal via Banks - SGD, USD , EUR
Deposit and Withdrawal via Digital currencies like Okpay, Egopay, Perfect money etc, as well as Bitcoin & Litecoin
Volume based fee as low as 0.22%.
** Trading API for customers who want to setup automatic trading. **
Multiple Level of Security including the Google Authenticator.
User friendly interface , Multiple trading oriented reports trend indicator for each pair, volume, lowest price on the market, highest price on the market, market trade history etc.
Customer Support 7 days per week.
Visit our Website Now at www.crxzone.com
Check out our Facebook Fanpage to stay up to date.
https://www.facebook.com/crxzone/
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