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Anquan, Deloitte and Nasdaq join MAS and SGX for blockchain-based settlement of tokenised assets

The logo of the Monetary Authority of Singapore (MAS). (Photo: Reuters/Edgar Su)

The Monetary Authority of Singapore (MAS) and Singapore Exchange (SGX) have announced that they are partnering with Anquan, Deloitte and Nasdaq for the settlement of tokenized assets using blockchain technology.

The companies will leverage the open-source software developed and made publicly available in Project Ubin Phase 2.

The MAS began its work on Project Ubin back in November 2016 to explore the use of Distributed Ledger Technology (DLT) for clearing and settlement of payments and securities. Phase 2 was completed last year and successfully produced three software prototypes that achieved decentralised netting of payments, in a manner that preserved transactional privacy.

The MAS and SGX are now seeking to develop Delivery versus Payment (DvP) capabilities for settlement of tokenised digital currencies and securities assets across different blockchain platforms.

DvP is a settlement procedure where securities and monies are exchanged simultaneously to ensure that delivery of securities takes place only if the corresponding payment is made. This will help enhance operational efficiency and reduce settlement risks.

“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. This is a collaborative innovation bringing together multiple players to pursue real-world opportunities that will benefit the ecosystem,” Tinku Gupta, Head of Technology at SGX, and Project Chair, said.

According to the official announcement, the project will produce a report by November 2018 on the potential of automating DvP settlement processes with smart contracts. It will also identify key design considerations for ensuring resilient operations and enhancing investor protection.

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