Technology
Malaysia's Stock Exchange Uses Blockchain for Bond Industry Digitalization
Malaysia's national stock exchange will pursue the digitization of the country's bond market through a blockchain proof-of - concept pilot.
- Branded as Project Harbour, the program will use Distributed Ledger Technology ( DLT) as a bond market registry for the Labuan Financial Exchange (LFX).
- LFX is a division of Bursa Malaysia, the country's stock exchange, which is partnering on the project with Singapore-based Fintech technology company Hashstacs.
- The project would use DLT to allow a common source of information to be exchanged safely between participating banks and exchanges, according to the company press release.
- DLT could create an industry-wide ecosystem that would pave the way for a "total solution" to clear and settle bonds on the web, said Benjamin Soh, Managing Director of Hashstacs.
- The trial would also aim to boost operating performance and increased currency and bond problems costs.
- Bursa Malaysia, along with the Malaysian Securities Commission, the Labuan Financial Services Authority, CIMB Investment Bank Berhad and others, will use Hashstac 's technology to check and handle the end of the bond life cycle.
