- Broctagon Fintech Group announced a partnership with HashStacs for Singapore’s collaborative digital money project named Project Ubin.
- Project Ubin aimed at connecting Singapore’s Financial industry and integrating blockchain technology, especially in commercial applications.
- Instant processing is currently developed by Hashstacs, along with enabling settlement capabilities of digitized securities on the STACS blockchain.
The Singapore based Financial Technology platform Broctagon Fintech Group announced a partnership with Hashstacs for Singapore’s collaborative digital money project named Project Ubin. The project, led by the Monetary Authority of Singapore.
It will have Broctagon assisting the Blockchain technology provider enterprise Hashstacs in enabling more companies to participate in the payment network of the project through its technological expertise. Project Ubin aimed at connecting Singapore’s Financial industry and integrating blockchain technology, especially in commercial applications.
The project, which is a blockchain-based prototype enabling multi-currency payments, is a step forward for the emerging blockchain technology towards mainstream recognition and further adoption.
The project is currently in its 5th phase looks to ensure cost-efficient mechanisms for businesses to integrate the benefits of the different blockchain platforms for commercial use in the financial market.
Phase 5 will provide interfaces to aid blockchain networks to connect along with the additional features that will enable use cases like Delivery-versus-Payment (DvP). It will also enable settlement with private exchange along with ensuring “conditional payments and escrow for trade, as well as payment commitments for trade finance.”
Instant processing is currently developed by Hashstacs, along with enabling settlement capabilities of digitized securities on the STACS blockchain. These have integrated with Project Ubin to enable companies to participate in the project with STACS as the bridging platform.
Broctagon has worked successfully with Hashstacs in providing an API that aimed at enhancing connectivity by allowing cross-chain integration. The platform will be further working towards CI or Continuous Integration pipeline to integrate STACS with Project Ubin.
This move will improve delivery through automation of the development, testing, and deployment operations of applications involved in the project environment.
Talking about the partnership and role of blockchain in the Financial markets, Jay Ng, the MD of Hashstacs, stated that though blockchain is a relatively new technology, the traditional financial markets are informed of its benefits and are receptive to blockchain-based solutions.
He added that
“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 the blockchain is not only possible but commercially viable.”
The CEO of Broctagon Fintech, Don Guo, expressed excitement at the growth of Singaporean FinTech. He added that many don’t recognize blockchain’s benefits and will have to pay the opportunity cost of not updating to the technology.
Expressing delight on the partnership, he said, “We hope that through our partnership with Hashstacs, Project Ubin will be key to showing the power of blockchain to global industries.”