Deutsche Bank to Test Digital Asset Concept in Collaboration with STACS
Deutsche Bank and STACS Collaborate on Digital Assets Proof-of-Concept
Deutsche Bank Securities Services and Singapore-based fintech firm Hashstacs Pte Ltd (STACS) have joined forces to explore the technological and practical feasibility of digital assets. The collaboration was awarded a Proof-of-Concept (PoC) grant as part of the Financial Sector Development Fund, administered by the Monetary Authority of Singapore (MAS).
The PoC aims to provide infrastructure for global markets connectivity and sustainability, focusing on interoperability, liquidity, cross-border connectivity, and smart contract templates, including the support of sustainability-themed digital bonds. This project is a significant step towards the adoption of digital assets in the financial sector.
STACS has been actively engaged in capital markets use cases, such as the trade lifecycle management of bonds, ESG fintech, structured products, and exchange-traded derivatives (ETD). The company recently completed a blockchain PoC with Malaysia's stock exchange, Bursa Malaysia, and has partnered with Swiss private bank EFG on a separate project, "Project Nathan - Smart Structured Products."
Benjamin Soh, Managing Director at STACS, and Jeslyn Tan, Global Head of Product Management, Securities Services at Deutsche Bank, are involved in the project. The collaboration hopes to enhance cross-border issuer-investor needs in Singapore and around the world, furthering STACS' work in green fintech and ESG.
Deutsche Bank is partnering with STACS on this project, sponsored by the MAS FSTI funding scheme. The bank believes that this collaboration will support Singapore's position as a world's financial network and hub for innovation and technological transformation. The PoC is expected to provide valuable insights into the practical implementation of digital assets in the financial sector.
It is important to note that this PoC is a one-time collaboration between Deutsche Bank Securities Services and STACS. The PoC grant was awarded on 29 October 2020, marking a significant milestone in the adoption of digital assets in the financial sector. The project is expected to pave the way for more innovative solutions in the future, contributing to the growth and development of the financial industry.
