The Monetary Authority of Singapore, or MAS, and the Singapore Exchange have developed capabilities for the settlement of tokenised assets across different blockchain platforms.
The DvP prototypes, developed with technology partners Anquan, Deloitte and Nasdaq, demonstrated that financial institutions and corporate investors are able to carry out the simultaneous exchange and final settlement of tokenised digital currencies and securities assets on different blockchain platforms.
The ability to perform these activities simultaneously improves operational efficiency and reduces settlement risks, the MAS said on Monday in a media release.
New Wave of Innovation
«Blockchain technology and asset tokenisation are fuelling a new wave of innovation globally. This project has demonstrated the value of blockchain technology and the benefits it can bring to the financial industry in the short to medium term,» Sopnendu Mohanty, chief fintech officer MAS, said.
«The concept of asset tokenisation, as well as other learnings gleaned from this project, can potentially be applied to a broad spectrum of the economy, creating a whole new world of opportunities,» he added.
