Hashstacs Pte Ltd was unveiled as one of the latest partners in the fifth phase of Project Ubin at the Singapore FinTech Festival 2019. In this current phase, the Monetary Authority of Singapore (MAS) is leading the development of a blockchain-based prototype for multi-currency payments, with the project managed by Accenture.
STACS, a 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 demonstrated live at the Singapore FinTech Festival and Singapore Week of Innovation and TeCHnology (SFF x SWITCH) 2019.
Project Ubin is a collaborative Singaporean project to explore the use of blockchain and distributed ledger technology for the clearing and settlement of payments and securities.
Phase 5 of Project Ubin aims to achieve two milestones - to develop a production-ready multi-currency payments network on blockchain, and to integrate different blockchain platforms commercially used in the market today.
As various financial institutions and technology companies today are utilizing 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 digitized securities (digitized versions of traditional equities, bonds and foreign exchange currencies) on STACS Blockchain, and integrated with Project Ubin.
The 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 acting 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 has served 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.