The Monetary Authority of Singapore (MAS), which acts as the country's central bank, has entered into an agreement with several major organizations, with the aim to simplify the process of digital calculations.
As part of the Ubin MAS project in conjunction with the Singapore Exchange (SGX), Anquan, Deloitte and Nasdaq use blockchain to make improvements in this area.
Together, the parties will create the Delivery vs.Payment (DvP) model for the cryptocurrency settlement on the different blockchain platforms, with the last three companies acting as technical partners.
“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,” said SGK's head of technological equipment, Tinku Gupta, who heads the project. “This is a collaborative innovation bringing together multiple players to pursue real-world opportunities that will benefit the ecosystem.”
MAS continues to contribute to the establishment of Singapore as a cryptocurrency and blockchain-oriented jurisdiction. In February, its chief of financial affairs, Sopnendu Mohatny, said the regulators “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.”