Singapore’s own Enterprise-blockchain Technology Provider STACS, Joins Current Phase in Singapore’s Project Ubin
Singapore, 12 November 2019 – Showcased at the Singapore FinTech Festival 2019, Singapore’s Hashstacs Pte Ltd (“STACS”) was unveiled as one of the latest partners in the fifth phase of Project Ubin. In this current phase, the Monetary Authority of Singapore (“MAS”) led the development of a Blockchain-based prototype for multi-currency payments, with the project managed by Accenture (1). STACS, the proprietary blockchain developed by Hashstacs Pte Ltd, serves as a platform to process the transaction and payment of securities seamlessly, through its cross-chain integration with Project Ubin’s payments network. This integration was successfully showcased live at the Singapore FinTech Festival and Singapore Week of Innovation and TeCHnology (SFF x SWITCH) 2019.
Project Ubin Phase 5
Phase 5 of Project Ubin aims to achieve 2 milestones. One, develop a production-ready multi-currency payments network on blockchain. And two, integrate different blockchain platforms commercially used in the market today.
As various financial institutions and technology companies today are utilising different types of blockchain platforms, Phase 5 will be focusing on how to effectively bridge various blockchain platforms while harnessing the full potential of each of the respective platforms. In line with this, STACS has developed instant processing and settlement capabilities of various digitised securities (digitised versions of traditional equities, bonds and foreign exchange currencies) on STACS Blockchain, and integrated with Project Ubin.
Connecting Singapore’s Financial Industry
STACS showcase paves the way for the industry’s progress in the pursuit of instant DvP (Delivery vs Payment) of securities against currencies, through applied blockchain. With recent reports of blockchain adoption in the capital markets, STACS serves as a bridging solutions partner. STACS hopes to garner more companies to participate within the payments network of Project Ubin through its proprietary blockchain as the bridging platform.
STACS foresees more market participants moving away from engaging in isolated pilot trials and transiting towards commercial operations in the coming future. Most recently, STACS serves as the blockchain solution providing a full suite of services across different use cases in various blockchain projects with multiple stock exchanges and commercial banks in both the EU and Asia.
Singapore’s own STACS is one of the few companies internationally at present with the resources to digitise the entire lifecycle of traditional securities in the capital markets on blockchain. STACS’ end-to-end blockchain services encompass digitising the issuance and maturity of traditional securities, to processing the movement of securities across various stakeholders.
“We are honoured to play a historic role in the international development of blockchain standards. To be integrated with Project Ubin confers great responsibility and trust. STACS has showcased that digitising the financial markets on blockchain is commercially viable given our direct involvement in Project Ubin. Blockchain may be a nascent technology, yet we are now at a juncture where the traditional financial markets are now better informed and receptive to solutions alleviating classic pain-points,” said Jay Ng, Managing Director of STACS.
About Hashstacs Pte Ltd
STACS is a Singapore-based Blockchain development firm focusing on the digital transformation of the financial industry. Its vision is to be the underlying Distributed Ledger Technology on which Financial Market Infrastructure is built upon. The flagship product, the Securities Trading Asset Clearing and Settlement (STACS) Network is a blockchain built specifically for the financial markets.
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Hashstacs Pte Ltd
Isabelle Sumarli, Business Development Manager