Singapore’s Main Stock Exchange Taps Blockchain For Rapid Settlements

A new announcement which was officially made on Friday saw the Singapore Exchange (SGX) revealing more details about a working partnership with the Monetary Authority of Singapore (MAS) – which is the country’s central bank – all in order to improve the Singapore Delivery versus Payment (DvP) capacity with automation all run on blockchain smart contracts.

With this, the primary stock exchange in Singapore officially announced its working partnership with the country’s central bank – forming a blockchain platform for all security settlements.

The project will be built upon the blockchain that is developed by the central bank – in order to tokenize the Singaporean dollar as a digital currency, which is part of the initiative known as ‘Project Ubin’.

The effort also sees the objective of developing a DvP mechanism that will enable institutions to transact and settle securities – which are tokenized digitally – across many different blockchain platforms. This will eliminate the risks and improve the operational efficiency.
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As the SGX stated, this joint endeavor will “allow financial institutions and corporate investors to carry out simultaneous exchange and final settlement of tokenized digital currencies and securities assets, improving operational efficiency and reducing settlement risks.”

The head of technology and project chair at SGX, Tinku Gupta stated:

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

In the end, it is safe to say that blockchain is transforming the way financial transactions are performed today – opening up a world of new business opportunities.