Singapore fintech startup STACS has successfully implemented a blockchain-based derivatives solution with BNP Paribas Securities Services and Eastspring, seeing significant boosts in trading efficiency.
Following the first implementation phase of the Mercury platform – one of STAC’s four blockchain tech-based platforms – for a solution focused on exchange-traded derivatives (ETDs), the two financial institutions saw an 84 percent reduction in trade breaks in the first month, according to a statement.
Many hours are often spent for investigation and reconciliation work related to ETDs and the platform has already seen an average reduction of four hours of such non-value-added tasks per day in the same period.
Fintech-FI Collaboration
In addition to enhancing transparency, security and operations efficiency, the collaboration also marks another effort for greater collaboration between fintech firms and large multinationals in the city-state.
«The Mercury solution has the potential to benefit other industry players,» said Diana Senanayake, Southeast Asia CEO of BNP Paribas Securities Services. «It also addresses one of the Monetary Authority of Singapore’s ambitions to promote collaboration between local fintech firms and large corporates with a view to positioning Singapore as a regional digital hub.»
Moving forward this year, STACS will also roll out other offerings with a focus on sustainability as well as environmental, social and governance (ESG) factors, though no details were shared.
