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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.
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.
The Bundesbank will participate in various pilot projects testing specific use cases for asset tokenisation, exploring its feasibility and its potential benefits for capital markets, and examining how it can leverage network effects. The Bundesbank is very pleased to be cooperating with a partner that is as competent as MAS.”
The processes included converting reserve account balances into digital Rupiah and vice versa, ensuring seamless interoperability with Bank Indonesias Real-Time Gross Settlement (BI-RTGS) system. Addressing interoperability, scalability, and security challenges, Indonesia sets a global example for nations exploring similar initiatives.
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. The pilot also included the transfer of liquidity between various UBS companies.
To speed up progress, MAS is now pushing for participants to commercialise their findings, fostering a connected network for trading tokenised assets. The SGD Testnet will be made available to eligible financial institutions participating in Project Guardian and Project Orchid, enabling them to settle transactions with S$ wholesale CBDC.
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.
The ninth edition of the Singapore Fintech Festival (SFF) wrapped up on 8th November, concluding a dynamic week-long of celebration of fintech that brought together tens of thousands of participants from around the world. However, challenges remain, particularly regarding interoperability.
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.
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.
” 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.
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.
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.
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.
Crucially, this initiative is critical for establishing a robust and interoperable ecosystem, where tokenised assets can be traded securely and efficiently across different jurisdictions. GL1 is not merely a technological endeavour; it also addresses the crucial aspects of governance, risk management, and compliance.
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.
Deutsche Bank has announced its participation in the Monetary Authority of Singapore’s (MAS) Project Guardian. Within the asset and wealth management workstream, Deutsche Bank will test an open architecture and interoperableblockchain platform for servicing tokenised and digital funds.
Shares of the fund will be issued via Franklin Templetons blockchain-integrated transfer agency platform. Franklin Templeton has been involved in digital asset initiatives since 2018 and is a participant in MAS Project Guardian, which explores asset tokenisation to enhance market liquidity and efficiency.
Be it central bank digital currencies (CBDCs), a tokenised digital Singapore Dollar, or various initiatives backed by governmental regulators, stablecoins are one of the more pivotal developments in the world of cryptocurrencies and blockchain technology. It has already arrived.”
The report, based on a survey of over 50 financial institutions across Asia, reveals that the digital assets space is poised for significant growth as institutional investors seek to diversify their portfolios and capitalise on the benefits of blockchain technology. Institutional investors focus on digital assets.
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.
DBS Bank is also a participating bank in PayNow, Singapores consumer real-time payments service. The company was an early adopter of distributed ledger technology (DLT), teaming up in 2017 with Ripple Labs and pioneering blockchain-based remittances from Japan to Thailand and Vietnam.
Participants tackled five central themes: underleveraged innovation, the operationalisation of AI, regulatory challenges, the evolution of embedded finance, and strategic risk planning for 2025 and beyond. Among these, the integration of blockchain and stablecoins in cross-border payments and treasury management emerged as a central theme.
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.
To accelerate the development and use of blockchain in Malaysia, a new government-backed national operation and roadmap have been launched: the Malaysia Blockchain Infrastructure (MBI). Ultimately, MBI empowers the next generation of blockchain innovations that will benefit all Malaysians.”
These platforms leverage blockchain technology to create open, accessible, and secure financial systems that operate without the need for intermediaries like banks. Interoperability with traditional financial systems presents another significant hurdle.
CBDC for cross-border payments, programmable money, and DeFi Kazakhstan’s Digital Tenge project is pursuing several ambitious goals: intensifying cross-border trade, implementing innovative social and anti-corruption initiatives, and integrating digital assets issued by decentralised finance (DeFi) participants and those issued by the government.
Libra may have dominated the news so far this week — and, of course, the new cryptocurrency announced by Facebook is underpinned by blockchain. To that end, the MediLedger project debuted a new pilot program this week, billed as a cross-industry initiative that eyes using blockchain for drug supply chains.
However, PSPs must ensure their systems and processes support this capability, which may involve implementing blockchain analytics tools and strengthening compliance with anti-money laundering (AML) and counter-terrorist financing (CTF) regulations. This also positions them as thought leaders in the sector.
Partior, a fintech known for its global unified ledger based interbank rails for real-time clearing and settlement, has announced the first close of an over US$60 million Series B funding round led by Peak XV Partners, with participation from Valor Capital Group and Jump Trading Group as new investors. Existing shareholders J.P.
The vision has always been a traditional currency with the liability of a central bank that could run on the public internet and underpinned by blockchain. Interoperability In Focus . There has to also be this continuity of transaction flow from a blockchain environment to a traditional payment environment,” added Scola.
Live briefing: BLOCKCHAIN TRENDS IN 2018. Join us for a deep dive into blockchain in 2018. Enter blockchain technology, a cryptographically secured form of shared record-keeping. While the blockchain has been subject to extreme hype, its true killer applications are likely to be in some of the most antiquated fields out there.
The platform now invites further international participation and private sector proposals for value-added solutions. The Saudi Central Bank (SAMA) has recently joined as a full participant, with over 26 other central banks observing. In 2022, a pilot involving real-value transactions demonstrated the platform’s capabilities.
Commercial bank participants, through their own instances of UDPN Business Nodes, can actively engage in various activities, such as CBDC issuance (for issuing banks), wallet creation, linking wallets to bank accounts and KYC systems, fiat-CBDC exchange, AML/CFT compliance, and initiation of CBDC transfers, swaps, and settlement.
In other news, General Motors (GM) could be looking into a way to manage autonomous car data with blockchain, CoinDesk reported. On another note, Standard Chartered and Itaú Unibanco Holding SA teamed up to create a syndicated loan blockchain platform, Reuters reported.
Among the new members is blockchain company R3, according to Bitcoin Exchange Guide reports on Thursday (March 14), which will be represented in the Council by the firm’s Head of Trade and Supply Chain Alisa DiCaprio. “The ready availability of trade finance is a crucial ingredient to the success of U.S.
Cross-border payments, trade finance, smart contracts — blockchain has the potential to disrupt B2B processes, but FinTech players are only beginning to take these concepts onto a real-world stage. For one firm, Finlync , the key to unlocking the potential of blockchain in B2B processes is unlocking the underlying data of that activity.
Phixius provides interoperability between various participants connecting to the platform, enabling better security in moving data as opposed to storing it in a central repository like the cloud. According to Throckmorton, Phixius fixes issues with the old system by using congruent regulations and leveraging blockchain technology.
Participants will discuss emerging market trends and strategies for maintaining resilience amidst global economic challenges. The event will focus on the key topics and industry trends driving digital transformation, providing participants with the knowledge and strategies needed to succeed in a rapidly changing market.
Developments include cross-border quick response (QR) payment linkages, connectivity between real-time national payment schemes, and the ongoing Singapore Response Code Scheme (SGQR+) project focusing on furthering QR code payment interoperability.
. “For instance, in Mexico, were working with local fintechs and other organisations including The Peoples Clearinghouse and The Mexican Association of Credit Unions of the Social Sector (AMUCSS) on an initiative that will introduce an interoperable, real-time payment pathway between the US and 140 rural community banks.
As trade wars intensify, banks are looking to blockchain as a way to streamline international trade transactions. This analysis explores 5 of the major blockchain consortiums — Voltron, Marco Polo, Batavia, we.trade, and HKTFP — working on DLT trade finance applications, and looks into their recent activity and major milestones.
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