Singapore-based HashStacs announces partnership with Bursa Malaysia Berhad for the development of Project Harbour
Project’s Harbour is focused on offering Bursa Malaysia’s Central Securities Depository (CSD) an alternative to facilitate growth — as discussed in a press release by Bursa Malaysia.
The blockchain-powered platform will allow the tokenization of bonds to enable investors to track their holdings and automate the movement of funds and securities; increasing liquidity and asset servicing for the market.
This is done by enabling 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 developed with help from HashStacs and will be used in Labuan, Malaysia’s offshore market, in collaboration with Bursa Malaysia’s subsidiary Labuan Financial Exchange (LFX) to register data using distributed ledger technology.
Multiple financial entities are involved
Datuk Muhamad Umar Swift, CEO of Bursa Malaysia, said this on Project Harbour:
“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.”
By using HashStacs’s trident platform, members of the partnership will manage the end to end cycle management of tokenized bonds.
The other members in the collaborative effort are the Securities Commission of Malaysia, Labuan Financial Services Authority, CIMB Investment Bank Berhad, Maybank Investment Bank Berhad and the China Construction Bank.
HashStacs is not new to Asia
The news of this partnership comes at a time when official organisations in Asia have shown an increasing interest in Blockchain technology, with HashStacs participating in phase 5 of the Monetary Authority of Singapore’s (MAS) Project Ubin.
Managing Director of HashStacs, Benjamin Soh, said that:
“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 Harbour and Project Ubin allowing the exploration and harnessing of opportunities backed by blockchain technology and asset tokenization, the Asian market is showing great potential to play a role in the mass adoption of blockchain.