The Monetary Authority of Singapore, along with several partners, will embark on an initiative to examine settlement systems for digital assets.
Nasdaq, Deloitte and Anquan, a Chinese technology firm, will act as technology partners in the collaboration, which aims to develop delivery-versus-payment capabilities for tokenised assets, which are assets whose rights have been written on to a blockchain.
If successful, the project will show how investors can carry out simultaneous exchange and final settlement of tokenised assets, demonstrating an efficient and low-risk digital market.
“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 process,” said Tinku Gupta, head of technology at the Singapore Exchange, which is also participating in the scheme.
The partnership is the latest phase of Project Ubin, an initiative led by the Monetary Authority of Singapore to explore the potential of blockchain technology. The project includes the proposal to create a tokenised form of the Singaporean dollar.
The partners will produce a report on their research by November.
©2018 funds global asia
This article was originally published in Funds Global Asia.
Photo: Jimmy McIntyre