Blockchain

Deutsche Bank to Pilot Digital Assets Proof-of-Concept With STACS

Deutsche Bank Securities Services and Hashstacs Pte Ltd (STACS) will collaborate to jointly explore a proof-of-concept (POC) related to the technological and practical feasibility of digital assets.

The POC will explore interoperability, liquidity, cross-border connectivity, and smart contract templates, including the support of sustainability-themed digital bonds.

The two entities were awarded the POC grant on 29 October 2020 as part of the Financial Sector Technology and Innovation (FSTI) scheme under the Financial Sector Development Fund administered by the Monetary Authority of Singapore (MAS).

STACS is focused on capital markets use cases, such as the trade lifecycle management of bonds, Environmental, Social, and Governance (ESG) fintech, structured products, and exchange-traded derivatives (ETD).

Jeslyn Tan, Global Head of Product Management, Securities Services at Deutsche Bank said,

Jeslyn Tan

“As the sponsor of the project, we are proud to partner with STACS on the MAS FSTI funding scheme. Investors will increasingly need to custodise their digital assets, ensure settlement finality, and have confidence in their safekeeping and security with the support of a bank’s institutional infrastructure. As a result, we see a clear place for an integrated platform that can service cross-border issuer-investor needs in Singapore and around the world.”

Benjamin Soh, Managing Director at STACS said,

Benjamin Soh

“We are thrilled to collaborate with Deutsche Bank on this transformative technological project, and further the expansion of our work in green fintech and ESG. We hope that our technology will be the infrastructure rails that empower global markets connectivity and sustainability. More broadly, we hope to support Singapore’s position as a world’s financial network and hub for innovation and technological transformation.”

STACS had recently partnered with Swiss private bank EFG on “Project Nathan – Smart Structured Products” to co-develop a blockchain platform that will enhance and simplify the processes of structured products. The company has also recently completed a pilot blockchain proof of concept with Malaysia’s stock exchange, Bursa Malaysia.