The Singapore Exchange (SGX) has a 10% stake in the DBS digital exchange, and both parties are exploring opportunities to deepen the liquidity, scale and growth of Singapore’s capital markets for digital assets and digital currencies, according to the media statement. So from a clientele perspective, there’s almost zero overlap,” said Changpeng Zhao (also known as “CZ”), co-founder and CEO of Binance. SGX is not the only player in traditional finance adding digital assets to its playbook. The exchange leverages blockchain technology to provide tokenization, trading and a custody ecosystem for digital assets. The Central Bank of Bahrain is to use JPMorgan's blockchain platform Onyx in a pilot scheme to introduce instantaneous cross border payment using a digital currency. But opting out of some of these cookies may affect your browsing experience. By clicking Accept or using our site, you consent to the use of cookies unless you've disabled them. Two digital full-bank licenses were awarded to technology firm Sea and a consortium comprising Grab and Singtel, and two digital wholesale bank licenses were awarded to China’s Ant Group and a consortium comprising Greenland Financial Holdings Group, Linklogis Hong Kong and Beijing Co-operative Equity Investment Fund Management. The operation of Partior by DBS, J.P. Morgan and Temasek and the completion of development, launch and availability of services on the proposed platform are subject to obtaining any required regulatory consents and approvals. This in turn has a knock-on effect and creates inefficiencies in the final settlement of other assets. The move follows DBS’ in-principle approval as a recognized market operator by the country’s central bank and regulator, the Monetary Authority of Singapore (MAS). The company, Partior, seeks to address the need for more efficient digital clearing and settlement solutions across the banking industry, through the use of … DBS Private Bank has introduced a trust solution for the asset class via DBS Trustee, the bank’s wholly-owned, licensed trust . However, user adoption of DPTs could gain traction quickly as the industry comes out with products to attract customers,” Ong said. According to DBS, the digital exchange, has a daily trading volume between S$30-S$40 million dollars. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of customers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. J.P. Morgan isn’t responsible for (and doesn’t provide) any products, services or content at this third-party site or app, except for products and services that explicitly carry the J.P. Morgan name. Chia Song Hwee, Deputy CEO, Temasek, said: “We are pleased to work alongside DBS and J.P. Morgan to create a global platform that will have tangible impact on global payments. DBS, a leading financial services group headquartered in Singapore, operates across 18 markets. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. To encourage broad participation across the banking industry, Partior will be actively engaging leading banks to join the platform to establish the scale required to benefit the industry. By harnessing the benefits of blockchain and smart contracts technology, the Partior platform will address current points of friction. The joint venture — set to be Asia-Pacific’s first exchange-led digital asset venture — will focus on capital markets workflows through smart contracts, ledger and tokenization technologies. The exchange is integrated with an institutional-grade digital custody service for these assets. The initiative will also look at scalability and interoperability of blockchain solutions. : opens new window to JPMorgan Chase & Co. DBS, J.P. Morgan and Temasek to establish platform to transform interbank value movements in a new digital era, https://www.mas.gov.sg/schemes-and-initiatives/project-ubin. It currently has 120 investors onboard. In addition, DBS has been accorded the “Safest Bank in Asia” award by Global Finance for 12 consecutive years from 2009 to 2020. “As for STOs (security token offerings), these will take some time to originate, and there will hopefully be something in Q1 2021,” a DBS spokesperson told Forkast.News. The platform aims to … Singapore Sound Economy – Singapore’s high savings rate, large current account surplus, flexible markets, sizeable foreign currency reserves and sound economic policies have received wide-ranging approval from international investors. APEX’s business scope covers futures and options contracts covering both commodity and financial derivatives products, including derivative products in the asset … With its genesis from Project Ubin, a public-private partnership on blockchain and CBDC experimentation, Partior is a pioneering step towards providing foundational global infrastructure for transacting with digital currencies in a trusted environment, spurring a wide range of use-cases in the blockchain ecosystem.”. Sopnendu Mohanty, Chief FinTech Officer, Monetary Authority of Singapore, said: “The launch of Partior is a global watershed moment for digital currencies, marking a move from pilots and experimentations towards commercialisation and live adoption. (Bloomberg) — JPMorgan Chase & Co. is teaming up with Singapore’s Temasek Holdings and DBS Group Holdings Ltd. to create a new blockchain-based platform for payments, trade and foreign exchange settlement. digiPortfolio’s investment process is completely integrated into the bank’s secure systems so you have peace of mind knowing you are not being redirected to a third-party platform to transact. Read More. With the DBS Digital Exchange, DBS will leverage blockchain technology to provide an ecosystem for fund raising through asset tokenisation and secondary trading of digital assets including cryptocurrencies. A newsletter with the latest weekly insights on emerging tech in Asia, in your inbox. Partnerships such as this are important in galvanising fundamental changes. and DBS Group Holdings Ltd. to create a new blockchain-based platform … This will be done through a new technology company, Partior, the partners said in a joint statement on Wednesday. The Partior platform has also set its sights on developing wholesale payments rails based on digitised commercial bank money to enable “atomic” or instantaneous settlement of payments for various types of financial transactions. SGX has also announced a joint venture with investment firm Temasek to advance its digital asset infrastructure in capital markets. She holds a Master of Journalism from the University of Hong Kong and a Bachelor of Business Administration from the National University of Singapore. Prior to joining the team, she wrote for CNN and served with the Singapore Foreign Service. Last month, Switzerland’s SIX and Japan’s SBI Group announced a joint venture to drive institutional digital asset liquidity through a Singapore-based digital issuance platform, exchange and central securities depository that is expected to go live by 2022, subject to regulatory approval from the MAS. “They’re increasing the credibility and validity of cryptocurrencies to the traditional users, which have always been somewhat skeptical and slow to adopt,” Zhao said. The company named Partior aims to use blockchain solutions to enable next generation, programmable value transfer for participating banks and their clients in real-time across a common and open platform. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com. In December, MAS awarded four digital banking licenses. DBS, Southeast Asia’s largest bank, says that cryptocurrency trading volumes on its exchange have grown 10 times to around $30 million to $40 million. “The risks to consumers are not significant currently, because of the relatively low usage of DPTs in Singapore today. The platform facilitates spot trading between four fiat currencies (SGD, USD, HKD and JPY) and four cryptocurrencies — bitcoin (BTC), ethereum (ETH), bitcoin cash (BCH) and Ripple (XRP). (Bloomberg) -- JPMorgan Chase & Co. is teaming up with Singapore’s Temasek Holdings Pte. DBS, J.P. Morgan and Temasek have announced plans to develop an open industry platform to digitalize interbank value movements for payments, trade and foreign exchange settlement via a newly-established technology company. SINGAPORE (BLOOMBERG) - DBS Bank, JPMorgan and Temasek are teaming up to create a new blockchain-based platform for payments, trade and foreign exchange … J.P. Morgan is committed to being a leader in this space as our clients transition towards multiple bank platforms, de-centralised networks and programmable money.”. The platform will start with a focus on facilitating flows primarily between Singapore-based banks in both USD and SGD, with the intent to expand service offerings to other markets and in various currencies. JPMorgan has teamed up with Temasek Holdings and DBS Group Holdings to launch a new blockchain payments platform. “It’s one of the more innovative countries definitely in the world in terms of being on the cutting edge of technology and having an infrastructure that can support that, which is a critical prerequisite for some of this experimentation,” Warren said. With adoption trends towards digitalization and blockchain accelerating, and as the ecosystem develops, all players — new and old — may find collaboration and interoperability a driver for growth. Singapore’s $214 billion state investor Temasek, financial services group DBS and US investment banking firm JP Morgan will jointly establish a new venture named Partior, what the trio described as an open industry platform to “reimagine and accelerate value movements for payments, trade, and foreign exchange settlement”.. J.P. Morgan’s website and/or mobile terms, privacy and security policies don’t apply to the site or app you're about to visit. “They’re growing the industry–that’s good for everyone, for us and for them.”, DBS’ move to set up a digital exchange could trigger banks in other countries to do the same, leading to higher chances that other governments would approve cryptocurrency exchanges. With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. It is mandatory to procure user consent prior to running these cookies on your website. The Singapore Exchange (SGX) has a 10% stake in the DBS digital exchange, ... Japan’s SBI Group announced a joint venture to drive institutional digital asset liquidity through a Singapore-based digital issuance platform, exchange and central securities depository that is expected to go live by 2022, subject to regulatory approval from the MAS. “They’re geared towards the traditional institutional investors, which we don’t have anyway. Read More. Recognised for its global leadership, DBS has been named “World’s Best Bank” by Euromoney, “Global Bank of the Year” by The Banker and “Best Bank in the World” by Global Finance. It has also established a SGD 50 million foundation to strengthen its corporate social responsibility efforts in Singapore and across Asia. New York-based cryptocurrency exchange Gemini also recently expanded to Singapore. Michelle is a Producer at Forkast. You also have the option to opt-out of these cookies. Temasek actively seeks sustainable solutions to address present and future challenges, in order to capture investment and other opportunities that help to bring about a better, more sustainable world. We also use third-party cookies that help us analyze and understand how you use this website. Finding the right approach to payments transformation using new technologies should be a priority as we take our existing infrastructure into the next stage of digitalisation and connectivity. Input your search keywords and press Enter. SGFinDex, which stands for Singapore Financial Data Exchange, is a joint initiative by the Monetary Authority of Singapore (MAS) and the Smart Nation and Digital Government Group (SNDGG), with the support of the Ministry of Manpower (MOM). The blockchain-based, multi-currency payments network prototype developed in collaboration with J.P. Morgan and investment firm Temasek under the fifth and final phase of Project Ubin, which concluded last year, showed the commercial applicability of blockchain technology beyond capital markets and trade finance. PRESS RELEASE. “The entry of Southeast Asia’s biggest bank — DBS Bank — into the cryptocurrency space, in my opinion, validates the digital assets sector, which is still in its formative years in Asia,” said Eugene Ng, Asia Pacific head of business development at Gemini, in an email to Forkast.News. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. Following an announcement last month, the bank’s crypto trading services is now live, DBS has confirmed to Forkast.News. Follow J.P.Morgan Chase & Co. on Facebook, : opens new window to JPMorgan Chase Careers. New non-bank digital players are entering the market with the liberalization of the country’s banking sector. Crypto-native companies such as major exchanges Binance and Coinbase already operate in Singapore under temporary exemptions from holding a license. Alternative Investment Exchange (AIX), the platform that aims to make it easier to purchase, own, and sell alternative investments, has revealed … As DBS seeks to retain and gain more market share in the financial space, the bank has been actively exploring new revenue opportunities. Singapore, 28 April, 2021 – Acknowledging that the future of global payments is on the cusp of a fundamental shift, DBS, J.P. Morgan (NYSE: JPM) and Temasek today announced plans to develop an open industry platform to reimagine and accelerate value movements for payments, trade and foreign exchange settlement in a new digital era, through a newly-established technology company. Manage your equity portfolio with competitive trading fees. Piyush Gupta, Chief Executive Officer, DBS Bank, said: “The current hub and spoke arrangement in global payments often results in delays as confirmations from various intermediaries are needed before a settlement is treated as final. Singapore-based DBS — the largest bank in Southeast Asia — has become one of the first traditional banks in the region to launch its own digital exchange. DBS is committed to building lasting relationships with customers, and positively impacting communities through supporting social enterprises, as it banks the Asian way. Temasek is an investment company with a net portfolio value of S$306 billion (US$214b) as at 31 March 2020. Sheila Warren, the World Economic Forum’s head of blockchain, data and digital assets, recently told Forkast.News that she is keeping her eye on developments in Singapore. To underscore who its target customers are, the DBS exchange currently only operates during Asian trading hours — between 9 am and 5 pm, Monday to Friday — in contrast to the retail customer-focused crypto exchanges that operate 24/7. A frontrunner in digital transformation, we seek to deliver a new kind of banking that is so simple, seamless and invisible, that customers have more time to spend on the things they care about. WOZX was A newsletter with the latest weekly insights on emerging tech in Asia. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney. The platform will also be used in trading activities and foreign exchange … Temasek’s investment philosophy is anchored around six investment trends, the first three of which mark societal progress (Longer Lifespans, Sustainable Living, Rising Affluence) and the second three are the enablers (Smarter Systems, the Sharing Economy and A More Connected World). But unlike crypto-native exchanges that primarily serve retail customers, the DBS digital exchange is limited to institutional investors, accredited investors, the bank’s brokerage arm DBS Vickers and DBS Private Bank. Entities that facilitate the transfer, exchange or custody of DPT will need to be licensed, even if they do not possess the money or cryptocurrency involved. DBS, Southeast Asia's largest bank, says that cryptocurrency trading volumes on its exchange have grown 10 times to around $30 million to $40 million. Satellite television is a service that delivers television programming to viewers by relaying it from a communications satellite orbiting the Earth directly to the viewer's location. For the latest Temasek Review 2020, please visit www.temasekreview.com.sg. “For Singapore to become even more competitive as a global financial hub, we have to prepare ourselves to welcome the mainstream adoption of digital assets and currency trading.”, See related article: Everything you want to know about Bitcoin, Ethereum and DeFi for 2021. The NFIs will be allowed to connect directly to the Fast and Secure Transfers (FAST) and PayNow electronic funds transfer services that enable the instant transfer of Singapore dollar funds from one entity to another. This website uses cookies to improve your experience while you navigate through the website. Competition is intensifying in Singapore’s digital assets sector. Such functionality would help banks overcome challenges presented by the current standard sequential method of processing global payments. JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $3.7 trillion and operations worldwide. JPMorgan Chase announced it is teaming up with Singapore's DBS Group and Temasek to form a blockchain payments platform. These cookies do not store any personal information. JPMorgan partners with Singapore's Temasek and DBS Group Holdings to create a blockchain-based platform for payments, trade, and foreign exchange settlement — JPMorgan Chase & Co. is teaming up with Singapore's Temasek Holdings Pte. Asia Pacific Exchange-APEX, is an international derivatives exchange approved by the Monetary Authority of Singapore, the third exchange with the Approved Exchange” and “Approved Clearing House” licenses in Singapore. In late 2020, DBS established a crypto exchange division called DBS Digital Exchange allowing investors to trade major coins, such as Bitcoin , Ether , … While not as popular as their centralized counterparts, decentralized exchanges such as Uniswap and Sushiswap — which operate without an intermediary — have also been on the rise. Necessary cookies are absolutely essential for the website to function properly. Acknowledging that the future of global payments is on the cusp of a fundamental shift, Singapore’s DBS, J.P. Morgan and Temasek, the sovereign wealth fund of Singapore, announced on Wed plans to develop an open industry platform to reimagine and accelerate value movements for payments, trade and foreign exchange settlement in a new digital era, through a newly-established technology … “As the saying goes, ‘a rising tide lifts all boats.’ Singapore’s thoughtful regulatory regime will only propel the industry to grow steadily with broader mainstream adoption.”. Everything you want to know about Bitcoin, Ethereum and DeFi for 2021, Growth of digital assets markets and exchanges, Deutsche Bank and Singapore fintech STACS, opening payment rails to major non-bank financial institutions, first national effort to expand blockchain technology research. DBS provides a full range of services in consumer, SME and corporate banking. Emerging technology at the intersection of business, economy, and politics. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. This category only includes cookies that ensures basic functionalities and security features of the website. These efforts by DBS, J.P. Morgan and Temasek build on their past work as part of Project Ubin3, an industry initiative by the Monetary Authority of Singapore to explore the application of blockchain technology involving multi-currency payments and settlements. From Asia, to the world. and DBS Group Holdings Ltd. to create a new blockchain-based platform for payments, trade and foreign exchange settlement. Details of how the management of Partior will be split … Headquartered in Singapore, Temasek has 11 offices around the world. Other blockchain-related initiatives Singapore has undertaken include Project Ubin — a five-year multi-phase collaborative project launched in 2016 by MAS and the country’s financial services industry to explore the use of blockchain and distributed ledger technology for the clearing and settlement of payments and securities. When complete, the platform aims to provide 24/7 infrastructure that will enable financial institutions and developers to co-create applications that support use cases such as FX Payment Versus Payment (PVP), Delivery Versus Payment (DVP) and Peer-to-Peer escrows to complement and value-add to global financial ecosystems. After five years of being a partner in Project Ubin, we are thrilled by the launch of Partior as it marks yet another milestone for J.P. Morgan and the industry – blockchain-based wholesale payments infrastructure where information and value can change hands around the world in a 24/7, frictionless way. Bitcoin.com Exchange is thrilled to announce the listing of WOZX, being available to trade on the 21st April 2021 at 10:00AM UTC. London-based fintech unicorn Wise has announced an integration to bring its platform to Google Pay users allowing the send money. See related article: Growth of digital assets markets and exchanges. For more information, please visit www.dbs.com. These cookies will be stored in your browser only with your consent. DBS, J.P. Morgan and Temasek to establish platform to transform interbank value movements in a new digital era Designed as an open platform to encourage broad participation by banks globally Platform will leverage blockchain technology and digitise M1 1 commercial bank money to reduce current frictions and latency for cross-border payments, trade transactions and foreign exchange … We believe a shared ledger infrastructure such as the Partior platform will change the way payments are cleared and settled, through this first-of-its-kind, wholesale payments rail based on digitised commercial bank money. The bank is … India Remittance. This has a significant impact on e-payments interoperability as consumers can make real-time fund transfers between bank accounts and e-wallets as well as across different e-wallets. The Singapore government is putting its money into strengthening the blockchain ecosystem — investing US$9 million (S$12 million) in its first national effort to expand blockchain technology research to facilitate the development, commercialization and adoption of wider real-world applications. Partior recognises the need for more efficient digital clearing and settlement solutions across the banking industry, and targets to address these challenges through the use of blockchain solutions to enable next generation, programmable value transfer for participating banks and their clients in real-time across a common and open platform. DBS Bank also enjoys the highest credit ratings from the three top credit rating agencies in the world. Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. Institutional interest in cryptocurrencies and digital assets has increased exponentially in recent months, and in a sign of growing mainstream adoption of this nascent asset class, traditional banks are now joining in on the action.
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