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An automated delivery / payment platform (DvP) was developed jointly by the Monetary Authority of Singapore (MAS) and the Singapore Exchange (SGX). Its purpose is to allow the regulation of tokenized securities through various blockchain platforms.
Simplify post-sales processes
In a joint statement over the weekend, MAS and SGX said: "This will help simplify post-trade processes and further shorten settlement cycles." The DvP system operates simultaneously with the payment and the change of product ensuring that the securities are delivered only when the payment is made on the basis of the reports.
The system was developed together with the technological partners Anquan, Deloitte and Nasdaq. The DvP prototypes have already shown that settlements can be made in various digital tokens on different blockchain platforms. The MAS and SGX have already published an industry report describing payments through smart contracts.
The head of the MAS fintech, Sopnendu Mohanty, said;
"This project has demonstrated the value of blockchain technology and the benefits it can bring to the short and medium-term financial industry.The concept of resource tokenization, as well as other approaches derived from this project, can potentially be applied to a broad spectrum of the economy, creating a new world of opportunities ".
Senior Vice President Nasdaq, Magnus Haglind, added; "By partnering with SGX and MAS on this unique ecosystem of converging blockchains, we have demonstrated how to create interoperability between multiple networks to ensure regulation between different activities – this is an important step in the application of blockchain to capital markets",
While the head of technology and president of the SGX project, Tinku Gupta, commented; "We are delighted to lead this important industry effort to accelerate market innovation, based on the unique SGX methodology developed to enable real-time platform interoperability, as well as the simultaneous exchange of tokens and digital titles, we asked for our first technology patent. "
The project was originally announced in August as a spin-off of another project, "Ubin", a collaborative project with the financial services industry. Coming a few days before the Singapore FinTech Festival 2018, which runs from 12 to 16 November. It is planned to have over 250 speakers, 450 exhibitors and nearly 40,000 participants at the event. The state of the city has recently organized Crypto Expo Asia, an event focused exclusively on cryptocurrencies.
Singapore currently hosts "token day", actually a three-week period running from October 31st to November 18th. It has been implemented to bring cryptography to the masses, increasing awareness and encouraging use and adoption. Sellers in the city's Chinatown will accept encrypted payments and offer various goods in exchange for digital goods.
