The Singapore Currency Exchange (MAS), the Singapore Stock Exchange (SGX) and its partners, announced on Sunday that they are developing Payment Payback (DvP) capabilities for reconciliation of coin operated assets on various block chain platforms.
DvP is a payment procedure in which the securities and money are exchanged simultaneously, provided that the relevant payment is made to ensure the realization of the collateral.
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The development of these skills will support the simplification of post-trade processes and shorten the settlement cycles. The announcements are followed by MAS and SGX in August. cooperate with Anquan, Deloitte and Nasdaq Investigating the development of DvP capabilities Funding Magnate report.
Using the Ubin Project
This cooperation is one of the two milestones. In November 2016, Ubin, an industry collaboration project launched to determine how distributed notebook technology (DLT) can be used to clear payments and securities.
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DvP prototypes show that financial institutions and institutional investors can carry out concurrent clearing and final reconciliation of simulated digital currencies and securities assets. The statement, these tasks can be performed at the same time, increased operational efficiency and reduced the risk of settlement said.
To comment on the developments, MAS FinTech Chief Officer Sopnendu Mohanty said: tekn blockchain technology and asset identification is fueling a new wave of innovation globally. This project shows the value of blockchain technology and the benefits it can provide to the financial sector in the short and medium term.
Y In addition to the other elements collected from this project, the notion of existence can be applied to a potentially wide range of economies and creates a new world of opportunity. “
After the end of the project, MAS and SGX published an industry report. This elaborates their views on the automation of DvP settlement processes with Smart Conventions. The report also highlights important issues to ensure that operations remain flexible.
Tinku Gupta, Technology Director and Project Director at SGX, added: edi We are pleased to encourage this important industry effort to accelerate market innovation. Based on the unique methodology SGX & # 39; developed to ensure real interoperability of platforms, we have applied for our first technology patent, based on the simultaneous modification of digital markers and securities. "