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Singapore makes a blockchain breakthrough

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Singapore has made a blockchain breakthrough for financial markets

The Monetary Authority of Singapore (MAS) and the Singapore Exchange (SGX) have successfully developed an automated settlement solution for tokenized assets.

MAS, Singapore's financial regulator, has said that the Delivery versus Payment (DvP) mechanism will allow for the settlement of tokenized assets across a range of blockchain platforms.

IThe collaborative effort, developed with technology partners Anquan, Deloitte, and Nasdaq, marks the latest phase of MAS' Project Ubin initiative, aimed at investigating how distributed ledger technology (DLT) can be utilized in the clearing and settlement of payment and securities.

The successful trial suggests that an overhaul of traditional financial networks is getting closer.

Business Insider Intelligence's Mekebeb Tesfaye has the full story.
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