Saturday, Sep 18, 2021
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STACS to develop blockchain platform for structured products

STACS blockchain_IFM_Image
The fintech will develop the platform in partnership with Swiss EFG Bank (EFG) to automate and manage the entire lifecycle of those products

Singapore-based fintech startup Hashtacs, also known as STACS, will co-develop a blockchain platform to enhance the processes of structured products. STACS will codevelop the blockchain platform in partnership with Swiss EFG Bank (EFG).

STACS blockchain project, also known as ‘Project Nathan – Smart Structured Products’, is aimed at developing a widespread use of Distributed Ledger Technology (DLT) to automate and manage the entire lifecycle of a structured product. Currently, the project is in its first phase of development.

Ivan Ferraroni, managing director of EFG Bank, Hong Kong told the media, “Participating in this MAS funded initiative was an exciting experience for EFG and our team members. This is in line with our efforts to change the speed and scope of digitalisation in our business. Working with STACS has been very smooth and seamless, and we certainly managed to learn from each other. The project is innovative, demonstrates significant efficiency gains and can be extended to other asset classes in the future.”

Earlier this month, banking giants Standard Chartered and DBS Bank announced a successful blockchain proof of concept for a Singapore Trade Finance Registry (TFR). The core focus of the project is to prevent the use of the same trade finance document more than once.

It is reported that the Singaporean government is collaborating with local startup Accredify to develop a blockchain-based digital health passport to boost medical records management. This development is anticipated to help store healthcare data in a digital wallet and it is funded by Singapore’s Ministry of Finance, media reports said.

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