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The Monetary Authority of Singapore (MAS) and the stock exchange of the country, Singapore Exchange (SGX), have developed a settlement system for tokenized resources that can work on different blockchains.
Announced by the Ministry of Communications and Information of the Nation in a Press release On Sunday, the new payment versus payment system (DvP) uses smart contracts to simplify post-trade processes and shorten the settlement cycle.
The new system aims to make it easier for financial institutions to carry out the simultaneous exchange and final settlement of tokenised currencies and digital securities as required by the DvP.
The prototypes for the platform, developed in collaboration with Nasdaq and Deloitte, have "demonstrated that financial institutions and investors are able to carry out the simultaneous exchange and final settlement of digital currencies and coin-linked securities on different blockchain platforms", states the version.
The new system is also an extension of the Ubin Project, which began in November 2016 as a collaborative project of MAS and the Singapore financial services industry to explore blockchain technology for clearing and settling payments and securities.
Tinku Gupta, president of the project and head of technology at SGX, said in the statement:
"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 have applied for our first technology patent."
SGX first announced the plan to work with MAS and others to use blockchain technology within the settlement system in August, saying the group would look at existing Project Ubin protocols and determine the best way to exploit them for a DvP platform.
Image of Singapore exchange through Shutterstock
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