Kuala Lumpur (VNA) – The Asian Development Bank (ADB) has launched a project to make cross-border securities transactions in the Asia-Pacific region more efficient and secure through the use of blockchain technology.
It will seek to develop ways to directly connect central banks and securities depositories in the ASEAN Plus Three region within a blockchain network, the ADB said in a statement on January 26. ADB said directly connecting the institutions within a blockchain network could reduce both transaction costs and settlement risks. However, there might be the possibility that securities are not exchanged within an agreed time frame. Cross-border securities transactions in the ASEAN 3 region are currently processed through a global network of custodians and correspondent banks, which go through global centres in either the United States or Europe. As a result, intraregional transaction settlements in ASEAN Plus Three take at least two days, due to varying operating hours for markets within the same time zone, it added.
The ADB said the project will be carried out in two phases including a designing phase which is expected to be completed by the end of March 2022, and a prototyping phase, scheduled for the second quarter of 2022.
- The Ultimate Guide to Cryptocurrency and Blockchain Technology
- Time for govt to use blockchain to unblock services for citizens
- Public Bank enables QR cross border payment with Indonesia and Thailand
- LAX/Webinar on blockchain technology and prospects of career for students organised
- Sekuritance launches platform to use blockchain as regulatory solution
- China's PBOC official calls cross-border brokers ‘illegal’
- Forbes Blockchain 50 2022
- Blockchain gives sports clubs a lucrative way to increase their fandom
- 'Ice phishing' attacks put secure Blockchain, Web3 at risk: Microsoft
- Beyond the hype of blockchain, a look at its reality
- Why Video Game Makers See Huge Potential In Blockchain—And Why Problems Loom For Their New NFTs
- India, UAE agree to jointly fight terror, enhance maritime security coop
- Russia could use cryptocurrency to blunt the force of US sanctions
- Russia Could Use Cryptocurrency to Blunt the Force of U.S. Sanctions
- Realbox launches one of the world’s first blockchain-based real estate tokenisation platforms
- Blockchain opens up new opportunities for real estate
- Bitcoin Technology Piques Interest on Wall St.
- Businesses are investing heavily in blockchain. But is the trust there? | Opinion
- Short-staffed Border Patrol forced to fill gaps with local cops
- mashreq: UAE bank Mashreq to use Israeli financial crime detection tool
ADB uses blockchain technology to facilitate cross-border securities transactions have 382 words, post on en.vietnamplus.vn at January 26, 2022. This is cached page on Talk Vietnam. If you want remove this page, please contact us.