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Standard Chartered and Ant International have successfully completed their first Singapore dollar (SGD) transaction using the latter’s blockchain-based Whale platform. Featured image credit: Edited from Freepik The post Standard Chartered, Ant Complete First Blockchain-Based SGD Settlement appeared first on Fintech Singapore.
Blockchain technology has revolutionised numerous industries by providing decentralised, secure, and transparent systems. However, one of the significant challenges it faces is interoperability between different blockchain networks. Interoperability is vital for several reasons.
As more firms look to enter the blockchain and decentralised space, easy integrations and the ability to develop applications are an absolute must. Ensuring this is possible on the XRP Ledger (XRPL), Ripple , the crypto solutions provider, has partnered with Axelar Foundation , the nonprofit decentralised interoperability network.
At Sibos 2024, Sergey Nazarov, Co-Founder of Chainlink, highlighted the growing adoption of blockchain technology by asset managers, driven by efficiency gains in settlement, payments, and collateral management.
Tokenisation is now a core enabler of secure, interoperable digital paymentspowering embedded finance, asset tokenisation, and evolving identity flows. Once a system for masking sensitive data, tokenisation has evolved into a foundational technology for enabling secure, interoperable, and scalable digital payments.
Global asset manager and Swiss bank UBS has developed and successfully piloted a blockchain-based payment solution, aiming to increase efficiency and transparency, as well as enable the programmability of money movements for corporate and institutional clients.
Under the MoU, ADGM and Chainlink will foster a dialogue on regulatory matters in blockchain, AI, and other emerging technologies. Chainlinks services, including blockchaininteroperability and verifiable data solutions, are facilitating liquidity across global markets, enabling over $19trillion in transaction value.
A standard for protocol layers and interoperability between protocols are needed to lower the threshold for businesses looking to adopt blockchain technology, writes Byung Ik Ahn, CEO of Fantom Foundation.
Founded in 2024 by Milind Sanghavi , a payments veteran with prior roles at Meta, PayPal, Visa, Ezetap, and OCBC, XWeave aims to modernise global money movement by connecting fiat payment rails with blockchain-based stablecoin networks. The company is also a member of the Global Finance and Technology Network (GFTN).
WadzChain Network, a global leader in innovative blockchain technology, announced today the launch of one of the world’s first hybrid blockchains intending to transform global payments for businesses. The blockchain is perfect for diverse businesses and use cases, from small startups to large enterprises.
Valued at $28.93billion in 2024 and set to hit $49.18billion in 2025, according to The Business Research Company , the blockchain market is thriving. While this growth is in part due to the success of the crypto industry, the blockchain industry is not dependent on crypto. Blockchain has not experienced the same rapid growth.
The UK’s Regulated Liability Network has chosen R3 , a company specialising in enterprise distributed ledger technology and services, as well as Quant , a blockchain provider for finance, to develop the technology prototype for its experimental stage.
Its blockchaininteroperability experiments have demonstrated that Swift’s infrastructure can support the transfer of tokenized value across both public and private blockchains. This advancement could allow real-time exchanges of tokenised assets and payments on the Swift platform.
Morgan ’s Onyx , told Karen Webster that peer-to-peer (P2P) private blockchain networks can help streamline information flows tied to cross-border payments and remove the complexities tied to legacy systems. Morgan said it had established Onyx, a new business unit dedicated to blockchain and digital currencies. Liink, J.P.
DBS has initiated the pilot of the “DBS Treasury Tokens”, a blockchain-based solution designed for next-generation treasury and liquidity management, in collaboration with Ant International. This launch underscores how established financial institutions can utilise blockchain technology to offer advanced, 24/7 banking services.
However, challenges remain, particularly regarding interoperability. To address this, stakeholders including NETS Group and Liquid Group are working on interoperable QR payment solutions that are designed to simplify processes for merchants, Chia said. The launch aligns with Mastercard’s commitment to improving the checkout experience.
The deployment brings XSGD to a blockchain designed for large-scale tokenisation, enabling real-time payments and programmable financial flows for developers, fintechs, and institutions. XSGD is a stablecoin regulated by the Monetary Authority of Singapore (MAS) and backed 1:1 by reserves held with DBS Bank and Standard Chartered.
The industry must focus on technological investments, enhancing security, and addressing regulatory and interoperability challenges to stay competitive. Furthermore, the survey highlights the key challenges faced by the industry, such as cyber-security threats and the need for interoperability between different payment systems.
” Blockchain-enabled cross-border payments StraitsX , a payments infrastructure provider for the digital assets space in Southeast Asia, has officially gone live in partnership with Ant International and Grab. Visa is committed to meeting the evolving demands of consumers and merchants, ensuring seamless and secure payments.”
Rain’s technology stack allows for card transactions on the Visa network to be interoperable with stablecoins across multiple blockchains. While giving consumers access to digital-first globally interoperable payment experiences. These capabilities help fintechs go to market faster with new products.
In the latest Smarter Payments Tracker , PYMNTS takes a deep dive into the challenge of interoperability in achieving better cross-border payments services and experiences. In the public sector, corporates and government entities are also collaborating in pursuit of interoperability. Across the pond, meanwhile, the U.S.’s
An interoperable cross-border solution could remove these frictions and provide smooth transfers between two real-time payment systems, while a single, globally accessible faster payments service could offer swift end-to-end transfers. Smooth communications between players must be supported if payment schemes are to be interoperable.
It connects regulated digital asset exchanges across jurisdictions using a blockchain-agnostic platform. The project uses a digital transfer agent smart contract and Chainlink’s Cross-Chain Interoperability Protocol (CCIP) for cross-chain communication, enhancing efficiency and transparency while cutting costs.
At Sibos 2024, Angie Walker, Global Head of Banking and Capital Markets, Chainlink Labs, explored the topics of blockchain and tokenisation and how they are transforming the existing world as well as how the technology creates opportunities for the future.
The XDC Accelerator Programme is a significant step for the emerging blockchain platform, which is known for its focus on real-world asset tokenisation and trade finance. The XDC Network, compatible with Ethereum Virtual Machine (EVM), is equipped to support these startups in applying blockchain technology to real-world applications.
Ant International will be able to use the digital form factor to achieve instant, multi-currency treasury and liquidity management on DBS’ permissioned blockchain for their entities across multiple markets. DBS’ permissioned blockchain is Ethereum virtual machine (EVM)-compatible and is integrated with its core payments engine.
Amazon Web Services (AWS) recently partnered with blockchain software firm Digital Asset to improve the latter’s Digital Asset Modeling Language (DAML) interoperability. The collaboration will allow DAML to work with several different blockchain networks, including Hyperledger Fabric and Corda. About The Tracker.
Blockchain-powered finance As the global demand for trusted, efficient, and interoperable digital payment solutions continues to accelerate, this partnership looks to set a new benchmark for the integration of blockchain-powered finance with institutional banking expertise, advancing the future of regulated, cross-border digital transactions.
Emerging technologies such as artificial intelligence (AI) and blockchain are being adopted at a fast pace, with generative AI becoming a critical tool for financial institutions. Finally, the fintech startup ecosystem continued to diversify, a trend which is evident in the rapid growth of Web 3.0,
The Web3 Foundation , in partnership with Scytale Digital , has led the seed funding round for Hyperbridge , a groundbreaking protocol poised to transform blockchaininteroperability. Unlike existing point-to-point bridge models, Hyperbridge introduces a hub model that scales verifiable interoperability across all chains.
A China-based blockchain company is celebrating a series of firsts for the distributed ledger space after raising $4.5 30), Antshares Blockchain, based in Shanghai, said it raised $4.5 Further, Antshares is the first Chinese blockchain company to collaborate with Microsoft Azure and the Hyperledger Project, reports added.
Nium, a global payments infrastructure provider, announced a partnership with Partior , a blockchain-based clearing and settlement network, at the Singapore Fintech Festival 2024. The partnership allows financial institutions to connect with Nium for faster, more transparent cross-border payments.
Circle has launched the Circle Payments Network (CPN) to modernize the $190 trillion cross-border payments market with blockchain-based, near-instant settlement. CPN enables financial institutions to securely exchange payment instructions and settle transactions using USDC on public blockchains. “We are just getting started.
Blockchain technology has the potential to change the healthcare industry, placing the patient, at the center of the system by providing added security, privacy and interoperability to health data and payments, writes Donika Kraeva, strategic communications manager for Dentacoin.
ANZ will collaborate with Chainlink Labs and ADDX, a Singapore-based private market exchange platform, to test the interoperability of these assets between different blockchains. The project aims to explore broader access to tokenised real-world assets, such as commercial paper, in financial markets.
One of the biggest issues in blockchain technology is that each blockchain operates independently, with its own rules, protocols, and governance models, making it difficult for different blockchains to interact. This affects the smooth exchange of information across various blockchain networks.
Blockchain startup contests. With €15,000 in prize money ready to be handed out, BlockchainHub Graz and industry partners have announced a Blockchain Startup Contest. With the expansion of blockchain, this is likely not a one-off competition. The Blockchain Startup Contest is the very thing that the industry needs.
In the rapidly evolving blockchain and crypto space, Fuse stands out as a pioneering platform committed to transforming financial systems. What sets your platform apart in the blockchain and crypto space? Blockchain technology is rapidly evolving. Can you give us an elevator pitch for Fuse?
The bank consortium R3 CEV has released its Corda platform as open source to encourage innovation and interoperability in the industry's development of blockchain technology.
Belgium-based Swift has announced its partnership with crypto startup Chainlink and multiple other institutions to explore blockchaininteroperability challenges.
Blockchains are becoming a key enabler of this digital transformation (in a similar way to how the emerging tech is disrupting other long-established industries like banking and insurance ). GET the 47-page blockchain TRENDS report. Why blockchain tech could benefit the real estate industry. Table of Contents. Challenges.
Furthermore, the report takes a forward-looking approach, incorporating forecasts for 2025 and exploring pivotal themes such as artificial intelligence in payments, the evolution of tokenisation and decentralised finance (DeFi), and the adoption of emerging technologies like blockchain, generative AI, and machine learning.
Blockchain technology — cryptographically-secured, distributed ledgers — has existed for nearly a decade but is just now emerging as a viable solution in healthcare. Last month, Alibaba partnered with the city of Changzhou, China to launch the country’s first application of blockchain technology in the healthcare sector.
Deutsche Bank , Germany’s largest bank, is joining the 320 banks in the JPMorgan Chase -led blockchain initiative, the Financial Times reported Sunday (Sept. More than 65 banks are live on the JPMorgan blockchain, and 255 are in the process of joining. IIN said it wants to sign up 400 banks before the year is over.
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