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MAS, SGX blocks technology to resolve tokenised assets, Companies & Markets



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Monday, November 12, 2018 – 5:50

Singapore

The Singapore Monetary Authority (MAS) and the Singapore Exchange (SGX) have developed pay-to-pay (DVP) capacities to resolve tokenised assets on different platforms.

"This will help simplify post-trading processes and further reduce settlement cycles," MAS and SGX said in a joint statement. DvP is a settlement procedure in which securities and money are exchanged at the same time so that the delivery of securities takes place only if the payment is made.

Developed together with Anquan, Deloitte and Nasdaq technology partners, DvP prototypes have demonstrated that financial institutions and corporate investors can simultaneously perform the final exchange and settlement of tokens and securities simultaneously on different blockchains. It improves efficiency and reduces settlement risks.

"Collaboration has also demonstrated that the finality of DVB settlement, intermediate interoperability and investor protection can be achieved through solutions designed and built on block technology," said MAS and SGX in the release.

They jointly published an industry report detailing the automation of DVP settlement processes through Smart Contracts. Smart contracts are automatically executed contracts in which terms are encoded in software and executed when certain conditions are met.

Sopnendu Mohanty, senior MAS officer, stressed: "The concept of asset tokenisation as well as other knowledge gained in this project can be applied across a wide spectrum of the economy, creating a new world of opportunities."

Tinku Gupta, head of technology at SGX and the project's president, added that SGX applied for its first technology patent based on the developed methodology.

Meanwhile, the third edition of the Singapore FinTech Festival begins Monday at the Singapore Expo, with over 250 speakers, 450 exhibitors and nearly 40,000 attendees waiting for this event. This would make it the largest FinTech event in the world to date, highlighting the MAS, the Singapore Banking Association (ABS) and SingEx Holdings in a joint communication.

The five-day festival – which has an Asean theme this year in a Singaporean masterpiece from Asean – will begin with the three-day FinTech Conference, where stakeholders such as entrepreneurs, investors, regulators, developments and opportunities. India's Prime Minister Narendra Modi and General Manager of the International Monetary Fund, Christine Lagarde, will address the audience on the third day of the conference.

Other key features of the festival include the FinTech exhibition, which will present innovative solutions from 450 exhibitors; Global Investor Summit, targeting investment and business communities; Artificial Intelligence (IA) in the Finance Summit, which will explore AI themes and data that will serve the future of financial services and the digital economy; and FinTech Hackcelerator's Global Demonstration Day, which will include 20 FinTech solutions ready for the market to solve existing industry problems. In addition, 30 labs across the island will be open for visits to the Crawl Innovation Lab.

Ong-Ang Ai Boon, ABS director, said: "Last year, we made history as the largest FinTech festival in the world with over 30,000 participants in over 100 countries. This year, participants can expect an exciting festival , class speakers and specially designed programs to suit their interest. "

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