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Singapore Central Bank Partners With Deloitte, Nasdaq on Blockchain Asset Settlement

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The de facto Central Bank of Singapore on 24th August 2018, Friday, in a press release announced that it has recently signed a deal with several major companies to simplify the process of digital asset settlement.

The company is already working on a project called Ubin blockchain integration scheme with the Monetary Authority of Singapore (MAS). Along with MAS, few other companies like Singapore Exchange (SGX) and Anquan, Deloitte, and Nasdaq are also working with them for delivering the enhancements. The Singapore Central Bank is expecting to create "Delivery versus Payment (DvP)... capabilities for settlement of tokenized assets across different blockchain platforms," with Monetary Authority of Singapore and the other three Technology Giants will act as the technical partners to support the leading duo.

The Singapore Central Bank is expecting to create "Delivery versus Payment (DvP)"

Tinku Gupta, who is the head of technology at Singapore Exchange and is also the in-charge of this project, said that "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. This is a collaborative innovation bringing together multiple players to pursue real-world opportunities that will benefit the ecosystem. Blockchain technology is radically transforming how financial transactions are performed today, and the ability to transact seamlessly across blockchains will open up a world of new business opportunities. The involvement of three prominent technology partners highlights the commercial interest in making this a reality."

Monetary Authority of Singapore is further expected to take positive steps to establish Singapore as a crypto-friendly territory. The company also expressed its highly optimistic views about blockchain being the future of technology because. The chief of the organization, Sopnendu Mohanty is also expecting the Ubin project to show its positive impact by the year 2020.

Tinku Gupta, who is the head of technology at Singapore Exchange and is also the in-charge of this project, said that "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."

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