Broctagon, Hashstacs Partner For Landmark Singapore Monetary Authority Blockchain Project
Broctagon Fintech Group has teamed with blockchain development firm Hashstacs to help bring blockchain in Singapore to more commercial usage.
Broctagon Fintech Group specializes in prime liquidity provision, brokerage technology solutions and enterprise blockchain development.
Based in Singapore, Hashstacs focuses on the digital transformation of the financial industry. Its vision is to be the underlying Distributed Ledger Technology (DLT) on which Financial Market Infrastructure is built upon. The firm’s flagship product, the Securities Trading Asset Clearing and Settlement (STACS) Network, is a blockchain built specifically for the financial markets.
According to a press release, the partners are working on Project Ubin, a collaborative project led by the Monetary Authority of Singapore (MAS) to explore the use of DLT for clearing and settlement of payments and securities. Broctagon will be assisting Hashstacs in providing the technology to allow more companies to participate within the payments network of the project.
Phase 5 of Project Ubin is set to improve cost efficiencies for businesses and integrate the different blockchain platforms commercially and provide interfaces for other blockchain networks to connect. It will also offer additional features to support use cases, such as Delivery-versus-Payment (DvP) settlement with private exchanges, conditional payments and escrow for trade.
Hashstacs has developed instant processing and settlement capabilities of various digitized securities on its STACS Blockchain and integrated these with Project Ubin, making it easier for more companies to participate in the project, using STACS as the bridging platform.
“While blockchain is a comparatively new technology, we are now at a point where the traditional financial markets are better informed and receptive to solutions which can address classic pain-points,” said Jay Ng, Managing Director of Hashstacs. “We proudly welcome our technical partners to come together to play a historic role in the international development of blockchain standards. Our work with Project Ubin is an essential step to show that digitizing the financial markets on blockchain is not only possible, but commercially viable.”
Broctagon said that it has successfully assisted Hashstacs in an API for cross-chain integration among the other blockchain protocols to allow connectivity within Project Ubin’s payments networks. It will continue to work with Hashtacs to integrate STACS further with Project Ubin, and improve the delivery by automating the development, testing and deployment operations of applications in the project environment.
“We’re very excited to be part of the momentous growth in Singaporean FinTech,” said Don Guo, CEO of Broctagon Fintech Group. “There are many who do not yet realize the true advantages of blockchain technology, and the opportunity cost of not catching up. We hope that through our partnership with Hashtacs, Project Ubin will be key to showing the power of blockchain to global industries.”
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