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Nasdaq Links With Singapore Stock Market in DvP Project

The Monetary Authority of Singapore (MAS) and the Singapore Stock Exchange (SGX) have announced a collaboration with Nasdaq as a key partner.

MAS, which functions as Singapore’s central bank has partnered with Nasdaq, Deloitte, and Anquan to develop the technology to impart “Delivery versus Payment” (DvP) capabilities for tokenized asset settlement. According to MAS this will allow for;

“…simultaneous exchange and final settlement of tokenised digital currencies and securities assets, improving operational efficiency and reducing settlement risks.”

Further, the project will examine the viability of utilizing smart contracts to automate DvP settlements and report back by this November. The partners plan to use the open source developed solution as a part of phase 2 of Project UBin, a project which began in 2016 with the development of a simple prototype on Ethereum in Phase 1.

The second phase of Ubin (“Re-imagining Interbank Real-Time Gross Settlement System Using Distributed Ledger Technologies) aimed at finding solutions “around the need for transactional privacy and deterministic finality”, and “the ability to perform multilateral netting capabilities in a decentralised manner while preserving transactional privacy.”

MAS Chief FinTech Officer Sopnendu Mohanty commented about the project and how blockchain tech is impacting financial transactions and injecting new energy into business:

“The involvement of three prominent technology partners highlights the commercial interest in making this a reality. We expect to see further growth in this space as FinTechs leverage on the strong pool of talent and expertise in Singapore to develop innovative blockchain applications and benefit from the new opportunities created.”

Ho Kok Yong, Financial Services Industry Leader at Deloitte Southeast Asia shared Mohanty’s optimism regarding the direction of Ubin’s latest phase:

“Using two different open source blockchain technologies to implement and design the Distributed Ledger Technologies (DLT) prototype, we are able to mitigate counterparty risks in DvP (Delivery versus Payment) and achieve DvP settlement finality with clearing members.”

Magnus Haglind, Senior Vice President and Head of Product Management (Market Technology) at Nasdaq views such eclectic collaborations as the key to the success in embarking on such projects in the future:

“In our experience of developing projects to leverage blockchain to improve market and operational efficiencies, the willingness to collaborate by cross-industry parties was – and is – the most essential component for success.”

Nasdaq, the second-largest stock exchange in the world, has suggested that it could foresee opening its own cryptocurrency exchange in the future and has already developed a distributed ledger blockchain system that optimizes the use of securities as collateral for margin calls.

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