Broctagon

Broctagon Helps Singapore to Adopt Blockchain

BroctagonBroctagon Fintech Group, the Singapore-based multi-asset liquidity and brokerage technology solutions provider, has partnered with Hashstacs to help bring blockchain in Singapore to more commercial usage through a collaborative digital money project led by the Monetary Authority of Singapore.

Named ‘Project Ubin’, the programme led by Singapore’s financial watchdog is a blockchain-based prototype for multi-currency payments that will connect the country’s financial industry and integrate blockchain for commercial applications. This kind of integration is found to be the key to mainstream adoption and recognition.

Phase 5 of the project will provide interfaces for other blockchain networks to connect, as well as offering additional features to support use cases such as Delivery-versus-Payment (DvP) settlement with private exchanges, conditional payments and escrow for trade, as well as payment commitments for trade finance.

Hashstacs has developed instant processing and settlement capabilities of various digitized securities on its STACS Blockchain, and integrated these with Project Ubin. This integration will make it easier for more companies to participate in the project, using STACS as the bridging platform.

Broctagon is assisting Hashstacs in providing the technology to allow more companies to participate in the payments network of the project. The fintech leader assisted the blockchain firm in an API for cross-chain integration among the other blockchain protocols, to allow connectivity within Project Ubin’s payments networks. Broctagon will continue to work on a pipeline to integrate STACS further with Project Ubin, and improve the delivery by automating the development, testing and deployment operations of applications in the project environment.

Jay Ng, Managing Director of Hashstacs, commented: “While blockchain is a comparatively new technology, we are now at a point where the traditional financial markets are better informed and receptive to solutions that can address classic pain-points. We proudly welcome our technical partners to come together to play a historic role in the international development of blockchain standards. Our work with Project Ubin is an essential step to show that digitizing the financial markets on blockchain is not only possible but commercially viable.”

Don Guo, CEO of Broctagon Fintech Group, added: “We’re very excited to be part of the momentous growth in Singaporean fintech. There are many who do not yet realize the true advantages of blockchain technology, and the opportunity cost of not catching up. We hope that through our partnership with Hashtacs, Project Ubin will be key to showing the power of blockchain to global industries.”