Sunday, October 25, 2020
News Flash Bursa Malaysia to develop blockchain POC

Bursa Malaysia to develop blockchain POC

Bursa Malaysia and Singapore’s fintech technology provider Hashstacs have teamed up to develop a blockchain proof-of-concept (POC) to facilitate the growth of the bond marketplace at the Labuan Financial Exchange, according to a press release. The project, dubbed ‘Project Harbour’, aims to explore and harness the opportunities afforded by blockchain technology and the tokenization of assets.

The platform will facilitate the issuances of tokenized bonds while providing a single source of truth to maintain the integrity of investors’ holdings and track transactions while the smart contract technology will automate the movement of funds and securities, amplify asset servicing and the provision of liquidity to market participants. As at the 29th May 2020, 697 or 77% of the 900 listed securities (excluding LEAP market) on Bursa Malaysia are certified Shariah compliant.

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