Tuesday , June 22 2021

MAS, SGKS Blocking Blocking Technology for Tackling Funds, Banking News and Most Important Stories

SINGAPORE – The Monetary Authority of Singapore (MAS) and the Singapore Stock Exchange (SGKS) have developed the ability to deliver and pay (DvP) to solve tokenized funds on various blockchain platforms.

"This will help simplify the process after the trade and further shorten the settlement cycle," MAS and SGX said in a joint release Saturday (November 10th).

DvP is a settlement procedure in which securities and money are exchanged at the same time, so the delivery of securities is done only if the payment is made.

Developed together with technology partners Ankuan, Deloitte and Nasdak, DvP prototypes have shown that financial institutions and corporate investors can simultaneously make the exchange and final settlement of tokenized digital currencies and securities on different block platforms.

MAS and SGKS also jointly published an industry report detailing the automated processes of the settlement process through the Smart Contracts. Smart contracts are self-executing contracts in which the terms are coded in the software and executed when certain conditions are met.

In the meantime, the third edition of the Singapore FinTech Festival begins on Monday in Singapore Ekpo, with over 250 speakers, 450 exhibitors and nearly 40,000 participants expected at this event. This will make it the largest FinTech event worldwide to date, said MAS, the Singapore Bank Association and SingEk Holdings in a special release.

The five-day festival begins with a three-day FinTech Conference, where stakeholders such as entrepreneurs, investors, regulators, technology leaders and experts will discuss the latest achievements and opportunities.

Other key features of the festival include the FinTech exhibition, which will present innovative solutions from 450 exhibitors, the Global Summit for Investors, focused on investment and business communities, Artificial Intelligence (AI) at the Financial Summit, which will explore AI and topics on the future financial services and digital economy, as well as Global FinTech Hackcelerator Demo Dai, which will include 20 FinTech solutions that are ready to solve existing industrial problems.

In addition, 30 laboratories abroad will be open for visits under the Innovation Lab Cravl.

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