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
  • bitcoinBitcoin(BTC)$22,719.008.10%
  • ethereumEthereum(ETH)$1,602.5615.08%
  • binancecoinBNB(BNB)$268.419.36%
  • cardanoCardano(ADA)$0.519.46%
  • rippleXRP(XRP)$0.3531286.16%
  • SolanaSolana(SOL)$39.5611.01%
  • dogecoinDogecoin(DOGE)$0.0655266.24%
  • AvalancheAvalanche(AVAX)$22.9514.28%

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: BlockchainBlockchain TechnologyDLTSingapore
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

SBS Turns into the Chief Distributor of the Blockchain-Based Solutions of Modex in Africa and MENA Jurisdiction

by Umair Younas
August 8, 2022 - 3:00 pm
0
Modex SBS

An exclusive provider of IT-based solutions has turned into the chief distributor of the blockchain-related services provided by Modex.

Read more

Brazil Central Bank Praises Bitcoin as Pioneer of the Web3 Tech

by Shayan Chowdhury
August 7, 2022 - 2:52 pm
0
Brazil Central Bank

Fabio Araujo, Director of Brazil Central Bank, has praised Bitcoin's innovative approach and attributes as it is the catalyst of Web3 technology.

Read more

Huobi Global Responds to the Approaching Hard Forks on Ethereum Blockchain

by Umair Younas
August 6, 2022 - 3:55 pm
0
Huobi Global

Cryptocurrency exchange Huobi Global, in the latest announcement, noted not to be a part of arbitrary forking as well as pre-mining.

Read more

Healthcare Payments Innovator, MAPay Seeks to Achieve Healthcare Data Interoperability Through Blockchain

by Max Clark
August 5, 2022 - 12:59 pm
0
Drexel University College

The collaboration will develop the technical foundation and market for patient data access, a contentious healthcare topic.

Read more

Crypto Exchange Bybit to Host DEFY IEO on Launchpad 2.0

by Mushu Butt
August 5, 2022 - 12:43 pm
0
Bybit Trading

This offering will be offered on the Bybit Launchpad 2.0, which is a redesigned platform for innovative blockchain solutions.

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

PRESS RELEASE

DeFiChain Community Brings Attractive Rewards For DFI ERC-20 Pairs on Uniswap

by chainwire
August 7, 2022 - 10:35 am
0

Singapore, Singapore, 7th August, 2022, ChainwireDeFiChain, the world’s leading blockchain on the Bitcoin network dedicated to bringing decentralized financial applications...

Drexel University College

Healthcare Payments Innovator, MAPay Seeks to Achieve Healthcare Data Interoperability Through Blockchain

by Max Clark
August 5, 2022 - 12:59 pm
0

The collaboration will develop the technical foundation and market for patient data access, a contentious healthcare topic.

TRON Grand Hackathon Season 2 Closes out Submission with over 1800 Participants

by chainwire
August 4, 2022 - 8:19 am
0

Geneva, Switzerland, 4th August, 2022, Chainwire–Season 2 of The TRON Grand Hackathon 2022 has seen a wave of submissions receiving...

Impel Adds Bitcoin to ISO 20022 Financial Messaging on XDC Network

by chainwire
August 2, 2022 - 1:01 pm
0

Dallas, Texas, 2nd August, 2022, ChainwireNew Cross-chain Interoperability via WanBridge Provides More Robust Options for Instant Settlement  Impel is pleased...

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

@2022 - Blockchainreporter.net. All Right Reserved.

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
Cookie SettingsAccept All
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT