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The Monetary Authority of Singapore (MAS) and the Singapore Exchange (SGX) are trying to block a secure platform for the sale of tokenized securities.
Anquan technology company, Deloitte advisory giant and Nasdaq stock broker will work with MAS and SGX develop a payment against payment platform (DvP) for tokenised resources, including tokenized digital currencies and securities assets, according to a press release. The DvP platform will be able to simultaneously trade in securities traded with the funds used to pay them.
In other words, both sides will simultaneously exchange money for assets using a network of smart contracts, the statement said. This exchange will be possible on different blockchain platforms.
The work will be part of the Ubin Project in Singapore, the blockchain initiative underway in China.
The companies involved will examine the existing protocols of Project Ubin and determine how to exploit them for a DvP platform. The companies will then publish a report by November 2018 which will explain how to best launch a DvP system.
The head of the chief technical office of MAS, Sopnendu Mohanty, stated in a statement that "blockchain technology is radically transforming the way financial transactions are performed today and the ability to seamless transactions through blockchain They will open a world of new business opportunities. "
He added:
" The involvement of three important technology partners emphasizes the commercial interest in making this become a reality, as FinTech relies on the strong pool of talents and skills in Singapore to develop innovative blockchain applications and benefit from the new opportunities created. "
Similarly, the head of SGX technology Tinku Gupta explained that the platform" will eliminate both buyers and sellers risk in the DvP process . "
Image of flags of Singapore through small1 / Shutterstock
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