Deutsche Bank Securities Services in Singapore and Singapore fintech firm Hashstacs, or STACS, today announced the completion of a tokenized securities proof-of-commercialization test named Project Benja.
- The project focused on digital asset interoperability across platforms, custody, digital securities and cash delivery-versus-payment practices, connectivity between distributed ledger technology and traditional systems, the evolution of operating models, and smart contract templates, including contracts involving digital green bonds.
- Deutsche and STACS said they had been able to create a “Bond in a Box” DLT platform, providing new efficiencies in the issuance of smart contracts, and had tested integration with payment systems such as Singapore’s Project Ubin and Facebook cryptocurrency Diem — formerly known as Libra — digital custody and asset servicing, and ESG financing transparency.
- STACS, in collaboration with Deutsche Bank Securities Services, was awarded a POC grant for the project by Singapore’s central bank in October last year.
- In March, Singapore’s Temasek-linked Astrea private equity bonds were tokenized on the Istox platform.