The central bank of Singapore has announced that it has penned a deal with several high profile entities in a bid to ease digital asset settlements. The partnership between the monetary authority of Singapore (MAS) and the Singapore Exchange (SGX) is part of an ongoing project known as Ubin blockchain integration scheme. This partnership will also involve giants NASDAQ and audit giants’ Deloitte. Together all three parties will create Delivery versus payment capabilities for settling tokenized assets across different decentralized platforms. Anquan, Deloitte, and NASDAQ will act as technical partners in the project.
The innovative initiative in question here will deploy the blockchain to properly link funds transfer and securities transfer. This will also eliminate both the buyer and seller risk in the DvP process according to project lead, Tinku Gupta, who is also the head of technology at SGX. He further added that this would be a collaborative innovation that would pool together various industry movers and shakers in order to tackle real opportunities that would benefit the system.
The monetary authority of Singapore (MAS) has soldiered on to make positive steps in order to create a crypto friendly environment I Singapore. The financial authority has repeatedly offered cautious optimism with regard to cryptocurrency. Despite other central banks from all around the world is either hostile or quite passive towards cryptocurrencies and the blockchain as a whole, there have been few financial institutions that have been rather open minded. With all these other top banks seeking to regulate and control crypto, MAS comes as quite a gem among central banks. Relentless attempts to regulate crypto have led to its steady decline in the markets.
Various crypto tokens have made record dips this year which has been precipitated by utterances from influencers in the finance and banking. The record dips being experienced today are a far cry from what the prices were last year, during the crypto boom. The chief Fintech officer of the monetary authority of Singapore, Sopnendu Mohanty, believes that the joint initiative between his organization and the rest of the high profile players would bring real impact by the year 2020. He further added that the blockchain was behind the evolution of how financial transactions are done. He also expressed excitement in the block chain’s ability to enable seamless transactions that would open up a world of new business opportunities.
