HashStacs to Develop Blockchain for Tracking Investor Holdings
Project’s Harbour is concentrated on offering Bursa Malaysia’s Central Securities Depository (CSD) a choice to promote growth — as explained in a press release by Bursa Malaysia. The blockchain-powered platform will enable the tokenization of bonds to allow investors to trace their holdings and automate the movement of funds and securities, enhancing liquidity and asset servicing.
This is done by allowing the participant banks and the exchange to securely share a single data source that can be trusted — due to blockchain’s perceived immutability. The project is being created with assistance from HashStacs and will be utilized in Labuan, Malaysia’s offshore market, in association with Bursa Malaysia’s subsidiary LFX (Labuan Financial Exchange) to register data utilizing distributed ledger technology.
Various financial entities are involved.
Datuk Muhamad Umar Swift, CEO of Bursa Malaysia, said this on Project Harbour in a statement, “The POC conducted in partnership with Hashstacs presents an opportunity to provide a valuable learning experience to build knowledge and obtain insights that will allow us to grow the bond marketplace. The POC aims to increase operational efficiency, driving down the cost of operations as well as the cost of issuing bonds.”
Using HashStacs’s trident platform, members of the collaboration will lead the end to end cycle management of tokenized bonds. The other members in the collaborative effort are the Securities Commission of Malaysia, CIMB Investment Bank Berhad, Labuan Financial Services Authority, Maybank Investment Bank Berhad, and the China Construction Bank.
HashStacs is not new to Asia.
The news of this collaboration comes when official organizations in Asia have bestowed an increasing interest in Blockchain technology, with HashStacs partaking in phase 5 of the Monetary Authority of Singapore’s (MAS) Project Ubin.
Managing Director of HashStacs, Benjamin Soh, said in a statement, “HashStacs will develop a blockchain solution to issue, service, trade, and clear bonds on the platform. The creation of an industry-wide ecosystem will allow for a complete solution in the origination, servicing, trading, clearing, and settlement, allowing Malaysia to potentially have the first-mover advantage in attracting regional and international bond listings.”
With both Project Ubin and Project Harbour enabling the exploration and harnessing of opportunities supported by blockchain technology and asset tokenization, the Asian market is exhibiting the great potential to perform a role in the mass adoption of blockchain.