It is revealed that the STACS blockchain developed by Singapore’s Hashstacs Pte Ltd has become a new partner of the Project Ubin in Singapore Fintech Festival 2019. Currently, the MAS (Monetary Authority of Singapore) head a project to develop the blockchain-based prototype for different currency payments supervised by Accenture. The new partner STACS will provide a platform to make the transaction securely by its integrated payments network of Project Ubin.
STACS (Securities Trading Asset Clearing and Settlement) is a blockchain-based technology provider in Singapore to change the digital phase of the financial industry. It is focusing on Distributed Ledger Technology, which is used to develop the model of the financial market. This blockchain network is built for dealing with the financial markets.
Currently, Phase 5 of the Project Ubin is about developing blockchain-based multiple currency payments network and combine all the different commercial blockchain platforms of the market.
Many organizations, financial institutions, and other technology companies are working on a different blockchain platform. Ubin Phase 5 is looking for an effective way to combine these platforms. Now, STACS is working the Project Ubin, and it will provide blockchain technology and instant payment processing services to connect different platforms.
The managing director at STACS, Jay Ng, said that they are proud of developing international blockchain standards. As they have combined with Project Ubin, it is a big responsibility to provide the services effectively with trust. Now, Project Ubin is directly involved in digitizing the blockchain-based financial markets. According to Jay, blockchain can be a nascent technology, but financial markets have opted for this technology, and the companies get their desired solutions.
STACS applied the blockchain technology and gave direction to the development of the industry in an instant DvP (Delivery vs. Payment) of securities against the currencies. STACS provides bridging solutions to integrate blockchain-adopted capital markets.
In the future, STACS is expecting that many of the market participants will not engage in isolated pilot trials and stepping towards commercial operations. Recently, STACS provides blockchain solutions and services across different use cases in many blockchain projects with commercial banks and multiple stock exchanges in both the EU and Asia.
STACS is a well-known international company in Singapore that provides blockchain resources, services, and solutions to digitize the complete infrastructure of the securities in the capital markets. Its end-to-end blockchain services provide securities across various stakeholders.
The integration of STACS with Ubin was revealed live at the Singapore FinTech Festival and Singapore Week of Innovation and Technology (SFF x SWITCH) 2019. This partnership will combine all the financial institutions commercially by providing a blockchain-based multi-currency payment network. The company is setting up its goal to connect the financial industry of Singapore.