blockchainreporter
  • News
    • Altcoins
    • Bitcoin
    • Blockchain
    • Ethereum
    • Adoption
    • NFT
    • DeFi
    • Metaverse
  • Education
  • Glossary
  • Advertise
No Result
View All Result
BET NOW
blockchainreporter
  • News
    • Altcoins
    • Bitcoin
    • Blockchain
    • Ethereum
    • Adoption
    • NFT
    • DeFi
    • Metaverse
  • Education
  • Glossary
  • Advertise
No Result
View All Result
blockchainreporter
BET NOW
No Result
View All Result
Bitcoin
BTC
1d:
7d:
Ethereum
ETH
1d:
7d:
Polkadot
DOT
1d:
7d:
Solana
SOL
1d:
7d:
Ripple
XRP
1d:
7d:
Shiba INU
SHIB
1d:
7d:

Singapore Stock Exchange and Central Monetary Authority Turn to Blockchain for Settlement of Tokenized Securities

Aisshwarya Tiwari by Aisshwarya Tiwari
August 26, 2018 - 12:00 am
in blockchain news
0
Singapore: Cryptocurrency Payment Service Regulation Bill Goes for First Reading  
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

The Singapore Exchange (SGX) and Monetary Authority of Singapore announced on August 24, 2018, a coalition with several big players in the financial industry to accentuate the development of processes for settlement of tokenized assets available on multiple blockchain platforms.

The joint endeavor is expected to help financial institutions and large corporate investors in settling tokenized digital currencies and securities assets.

Partnership with NASDAQ, Deloitte and Anquan

The partnership will provide a huge impetus to the development of blockchain infrastructure in Singapore, especially in securities settlement domain. Major financial institutes such as NASDAQ, Deloitte and Anquan have been appointed as technology partners for the project.

The project is aimed to develop Delivery versus Payment (DvP) capabilities to achieve quick and efficient settlement of digitized tokens across multitude of blockchain platforms.  The DvP enhancement is expected to improve operational efficiency and reduce settlement risks.

Tinku Gupta, head of technology at SGX, and project chairman said,

“This initiative will deploy blockchain technology to efficiently link up funds transfer and securities transfer, eliminating both buyers’ and sellers’ risk in the Delivery versus Payment (DvP) process.”

Development of DvP is a part of Project Ubin blockchain integration scheme, launched by the Monetary Authority of Singapore in the month of January.

What does DvP do?

The Delivery versus Payment mechanism is a type of settlement procedure where financial securities and digital assets are exchanged simultaneously. The upside to DvP is that the transaction only executes once the corresponding payment made.

Development of DvP is a part of an enormous distributed ledger technology initiative undertaken by the Monetary Authority of Singapore in November 2017, dubbed Project Ubin.

Project Ubin

The ambitious project commenced in November last year with an aim to integrate DLT in securities settlement cycle. Blockchain technology’s potential to make financial transactions more secure, transparent and cost-effective is one of the major tipping points working in its favor.

The project is divided into two phases currently, with the focal point being domestic inter-bank payment and settlement.

Asia Adopts Blockchain

Blockchain initiatives have received some major political backing in Asia recently. Blockchainreported detailed on August 23, that Bank of Thailand has launched its own DLT project to foster blockchain infrastructure in the country.

On a similar note, a gargantuan $24 billion USD deal took place in China on August 21 to enable electrification of public transport buses in the country using blockchain as a means to raise funds.

Tags: BlockchainBlockchainTechnologySingapore
ShareTweet
Aisshwarya Tiwari

Aisshwarya Tiwari

After having worked at an IT consultancy as an SAP Finance/FSCM consultant for more than two years, Aisshwarya switched to the decentralized world of cryptocurrencies and the blockchain technology. Currently, Aisshwarya works as the Chief Editor at Blockchain Reporter.

Recommended For You

TRON Vulnerability That Put $500M at Risk, Tradecurve Lets Users Control Their Keys

by Josh Fernandez
June 3, 2023 - 12:33 pm
0

Discover a critical vulnerability on TRON blockchain that had once put $500M in cryptocurrency at risk.

Read more

White Shark Emerging Blockchain Technology Raises $16M, Tradecurve Expected to Raise $20M

by Josh Fernandez
June 2, 2023 - 2:21 pm
0

Explore the future of blockchain technology with White Shark and Tradecurve, early-stage projects disrupting the space with their innovative solutions.

Read more

Binance Enables $USDT Deposits on Arbitrum One and Optimism Networks

by Umair Younas
June 2, 2023 - 11:35 am
0
Binance

This integration marks an important milestone for Binance and expands the availability of USDT on the networks of Arbitrum One and Optimism.

Read more

Uwerx (WERX) Launches Alpha Platform First Phase with More to Come In Coming Weeks

by Josh Fernandez
June 2, 2023 - 11:07 am
0

Uwerx announces the launch of its alpha platform's first phase, marking an exciting milestone in its journey to transform the freelancing industry.

Read more

TrustBit Joins Forces with REI Network to Unite Blockchain Advancement

by Umair Younas
June 1, 2023 - 1:59 pm
0
trustbit rei network

The initiative is focused on enhancing blockchain innovation. TrustBit is determined to offer a friendly and cost-effective blockchain agenda.

Read more
Next Post
Fundstrat's Tom Lee: Bitcoin Will end the year at $25,000

Fundstrat's Tom Lee: Bitcoin Will end the year at $25,000

PARTNERS LIST

  • sp

PRESS RELEASE

OvalPixelAIPlayEarngamedXUyMpCt

OvalPixel Launches Groundbreaking Play-to-Earn OPAIG AI Game Token

by Chainwire
June 2, 2023 - 7:53 pm
0

Los Angeles, USA, June 2nd, 2023, ChainwireOvalPixel announced the launch of its groundbreaking blockchain-powered artificial intelligence (AI) trivia game that...

photoy

Regulation Becoming a Problem? Here’s Why Hybrid DeFi Platform HedgeUp (HDUP) Is the Future

by Max Clark
June 2, 2023 - 12:54 pm
0

Explore the emerging world of crypto and blockchain regulation and understand why HedgeUp (HDUP), a hybrid DeFi platform, stands resilient.

DiscoverthePowerofBRCLearnNowxnxuMuCflZ

OKX Proposes Industry-First BRC-30 Token Standard to Enable Bitcoin and BRC-20 Token Staking

by Chainwire
June 1, 2023 - 8:13 pm
0

SAN FRANCISCO, UNITED STATES, June 1st, 2023, ChainwireWith BRC-30, OKX Wallet users will soon be able to stake BRC-20 tokens...

photoy

HedgeUp (HDUP) Showcases Why It’s a Better Token Than Chainlink (LINK) and Solana (SOL)

by Max Clark
June 1, 2023 - 1:38 pm
0

Explore the dynamic world of cryptocurrencies with our detailed analysis of HedgeUp (HDUP), Chainlink (LINK), and Solana (SOL).

n

BlockchainReporter is a trusted name in the cryptocurrency and blockchain technology news space, keeping its readers abreast of the latest and most significant trends in the industry.

Here at BlockchainReporter, our team of global writers is dedicated to providing price analysis on leading cryptocurrencies and covering the latest developments pertaining to bitcoin news, altcoins news, blockchain news, NFT news and cryptocurrency adoption news from around the world.

News

  • Altcoins
  • Bitcoin
  • Blockchain
  • Ethereum
  • Adoption
  • NFT
  • DeFi
  • Metaverse

Info

  • Education
  • Glossary
  • Market
  • Press Release

Company

  • About Us
  • Terms & Conditions
  • Advertise
  • Sitemap
  • Contact

@2022 – Blockchainreporter.net. All Right Reserved.

No Result
View All Result
  • News
    • Altcoins
    • Bitcoin
    • Blockchain
    • Ethereum
    • Adoption
    • NFT
    • DeFi
    • Metaverse
  • Education
  • Glossary
  • Advertise