Singapore-based Broctagon Fintech Group has announced a partnership with enterprise blockchain technology provider, Hashstacs, to help bring blockchain in Singapore to more commercial usage.
The companies are working on ‘Project Ubin’, Singapore’s collaborative digital money project led by the Monetary Authority of Singapore. Broctagon will be assisting Hashstacs in providing the technology to allow more companies to participate within the payments network of the project.
Project Ubin, a blockchain-based prototype for multi-currency payments, is led by the Monetary Authority of Singapore (MAS). The project will connect Singapore’s financial industry and integrate blockchain for commercial applications. For the emerging technology, this kind of integration is the key to mainstream adoption and recognition.
Phase 5 of the project aims to improve cost efficiencies for businesses and integrate the different blockchain platforms commercially used in the market today. It 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 digitised 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 has successfully assisted Hashstacs in an API for cross-chain integration among the other blockchain protocols, to allow connectivity within Project Ubin’s payments networks. It will be working on a Continuous Integration/Continuous Deployment (CI/CD) 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, says: “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 which 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 digitising the financial markets on blockchain is not only possible, but commercially viable.”
Don Guo, CEO of Broctagon Fintech Group, says: “We’re very excited to be part of the momentous growth in Singaporean fintech. There are many who do not yet realise the true advantages of blockchain technology, and the opportunity cost of not catching up.
“We hope that through our partnership with Hashstacs, Project Ubin will be key to showing the power of blockchain to global industries.”