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Digitization of Malaysia’s Bond Market to Happen with Proof-of-Concept Blockchain Project

According to media outlet TaiwanNews, Malaysia’s national stock exchange Bursa Malaysia is partnering Singapore fintech firm Hashstacs to develop a proof-of-concept blockchain solution named ‘Project Harbour’ for Bursa’s bond marketplace, Labuan Financial Exchange (LFX). A first for LFX, the project is expected to enhance the growth of LFX through the digitization of its processes and services via the use of Distributed Ledger Technology (DLT).

“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 origination, servicing, trading, clearing and settlement, allowing Malaysia to potentially have the first mover advantage in attracting regional and international bond listings,” Mr Benjamin Soh, Managing Director of Hashstacs Pte Ltd, said.

The project will mainly utilize Hashstacs’ Trident Platform and several other financial authorities and institutions have been identified as participants in testing the “end-to-end trade lifecycle management of digital bonds”, including Malaysia’s Securities Commission (SC), Labuan Financial Services Authority, CIMB Investment Bank Berhad, Maybank Investment Bank Berhad and China Construction Bank Investment Bank Berhad.

LFX intends to leverage Hashstacs’ blockchain solutions to better improve the accessibility and efficiency of the bond marketplace, where partnering banks and institutions can refer to a single platform for transparent data. This will also reduce wastage of resources on issues such as counterparty risks and reconciliation costs.

You may also want to read: Philippines Next in SEA to Embark on Digital Currency Development

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