Aaron Seabrook

🚀 𝐔𝐧𝐥𝐨𝐜𝐤𝐢𝐧𝐠 𝐭𝐡𝐞 𝐅𝐮𝐭𝐮𝐫𝐞: Navigating the Risks of Distributed Ledger Technology (DLT) for Authorised Institutes (AIs) focussing on Traditional assets and liabilities, and the provision of supporting services for these tokenised products. The HKMA has released key Risk management considerations for the use of Distributed Ledger Technology (DLT) for AIs. 1️⃣ 𝐆𝐨𝐯𝐞𝐫𝐧𝐚𝐧𝐜𝐞: Board and senior management should take full responsibility for DLT adoption and manage related risks. Policies and frameworks should be updated to reflect DLT-specific factors. 🏢🔍 ​2️⃣ 𝐀𝐩𝐩𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧 𝐝𝐞𝐬𝐢𝐠𝐧 𝐚𝐧𝐝 𝐝𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭: Choose the right DLT network based on the nature and risks of the application. ​Smart contracts should be "fit for purpose" and managed with customised controls. 🌐🛠️ ​3️⃣ 𝐔𝐧𝐝𝐞𝐫𝐬𝐭𝐚𝐧𝐝 𝐚𝐧𝐝 𝐦𝐢𝐭𝐢𝐠𝐚𝐭𝐞 𝐩𝐨𝐭𝐞𝐧𝐭𝐢𝐚𝐥 𝐥𝐞𝐠𝐚𝐥 𝐫𝐢𝐬𝐤𝐬: The legal basis for applying DLT to traditional financial market activities is evolving. ​Measures should be taken to mitigate legal risks during the design process. ⚖️📜 ​4️⃣ 𝐄𝐟𝐟𝐞𝐜𝐭𝐢𝐯𝐞𝐥𝐲 𝐦𝐚𝐧𝐚𝐠𝐞 𝐭𝐡𝐢𝐫𝐝 𝐩𝐚𝐫𝐭𝐲-𝐫𝐞𝐥𝐚𝐭𝐞𝐝 𝐫𝐢𝐬𝐤𝐬: Evaluate and manage risks associated with third parties involved in the DLT arrangement. ​Consider the trustworthiness, reliability, and diversity of node operators. 🤝🔗 ​5️⃣ 𝐒𝐚𝐟𝐞𝐥𝐲 𝐞𝐧𝐚𝐛𝐥𝐞 𝐢𝐧𝐭𝐞𝐫𝐨𝐩𝐞𝐫𝐚𝐛𝐢𝐥𝐢𝐭𝐲 𝐚𝐧𝐝 𝐜𝐨𝐧𝐧𝐞𝐜𝐭𝐢𝐯𝐢𝐭𝐲: Design DLT-based systems to be compatible with traditional and other DLT-based solutions. ​Consider technical standards to support compatibility and ensure safe and secure connections. 🔌🌍 ​6️⃣ 𝐎𝐧-𝐠𝐨𝐢𝐧𝐠 𝐦𝐚𝐢𝐧𝐭𝐞𝐧𝐚𝐧𝐜𝐞 𝐚𝐧𝐝 𝐦𝐨𝐧𝐢𝐭𝐨𝐫𝐢𝐧𝐠: Establish cybersecurity measures commensurate with traditional technology applications (including specific cyber risks such as e.g. 51% attacks as well as other common cybersecurity threats like distributed denial of service (DDoS) attacks. ​🛡️🔧 7️⃣ 𝐒𝐞𝐜𝐮𝐫𝐞𝐥𝐲 𝐦𝐚𝐧𝐚𝐠𝐞 𝐩𝐫𝐢𝐯𝐚𝐭𝐞 𝐤𝐞𝐲𝐬 that are securely generated, stored and backed up at all times and ensure compliance with data privacy and protection requirements. This may involve amongst others, implementing controls to strictly limit access to the keys to authorized personnel, utilising cold storage and developing offsite backups and other contingency arrangements. 🔑🔒 ​8️⃣ 𝐓𝐚𝐢𝐥𝐨𝐫 𝐜𝐨𝐧𝐭𝐢𝐧𝐠𝐞𝐧𝐜𝐲 𝐩𝐥𝐚𝐧𝐧𝐢𝐧𝐠 𝐚𝐧𝐝 𝐭𝐞𝐬𝐭𝐢𝐧𝐠 𝐚𝐫𝐫𝐚𝐧𝐠𝐞𝐦𝐞𝐧𝐭𝐬: Include testing scenarios and contingency arrangements specific to DLT in BCP. ​Consider unique operating dynamics of DLT networks. 🔄🛡️ Leverage the HKMA's guidance to unlock the full potential of this transformative technology while prioritizing security and compliance. 🔑💡 https://lnkd.in/gHKJfpTc ​💼💡#DLT #RiskManagement #HKMA #Technology #Innovation #Tokenisation #DigitalCurrencies #RegulatoryCompliance #HKMAGuidance #FinancialCompliance

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The Monetary Authority of Singapore (MAS) announced plans to support the commercialisation of asset tokenisation.  MAS will expand activities under The Global Layer One (GL1) Initiative to design an open digital infrastructure of international standards.  This will align governance, risk management controls, and settlement arrangements for cross-border transactions.  MAS aims to form commercial networks to deepen liquidity in tokenised assets through Project Guardian.  This will facilitate seamless transactions of tokenised assets across networks.  Two industry frameworks, the Guardian Fixed Income Framework (GFIF) and the Guardian Funds Framework (GFF), have been published to guide the implementation of tokenisation in debt capital markets and funds.  MAS will facilitate access to common settlement assets, including the Singapore dollar wholesale central bank digital currency (CBDC), for market testing purposes.  This initiative will improve fundraising, secondary trading, asset servicing, and settlement of tokenised assets.  It will also support the development of digital infrastructure and common standards to enable industry-wide adoption of tokenisation. Based on this, I posit MAS could potentially accept tokenised carbon credits.  MAS has already shown interest in supporting innovative financial solutions, including the commercialisation of asset tokenisation.  MAS has launched the Transition Credits Coalition to develop a new class of carbon credits aimed at accelerating the closure of coal-fired power plants.  Tokenised carbon credits align with MAS’s goal of promoting sustainable finance and supporting the transition to a low-carbon economy.  Tokenisation improves the efficiency of carbon markets by simplifying transactions and increasing liquidity.  By facilitating the trading of tokenised carbon credits, MAS helps achieve global climate goals, such as reducing greenhouse gas emissions and promoting renewable energy. MAS has launched the Transition Credits Coalition, which includes financial institutions, carbon exchanges, standard setters, and NGOs.  This coalition aims to develop a new class of carbon credits to accelerate the closure of coal-fired power plants.  MAS has initiated pilot projects to test the use of high-integrity transition credits in transactions for the early retirement of coal-fired power plants.  These credits are generated by retiring a coal plant early and replacing it with clean energy sources.  This is a good base to expand to general trading of fungible compliance carbon credits. Terence Nunis Terence K. J. Nunis, Consultant President, Red Sycamore Global

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Monetary Authority of Singapore (MAS) to expand initiatives to scale asset tokenisation for financial services focusing on common standards for fixed income, foreign exchange (FX) and asset & wealth management.  Read - https://lnkd.in/gqEvvaPs follow Caproasia | Driving the future of Asia The Monetary Authority of Singapore (MAS) has announced to expand initiatives to scale asset tokenisation for financial services focusing on common standards for fixed income, foreign exchange (FX) and asset & wealth management. Sing Chiong Leong, Deputy Managing Director (Markets and Development), MAS: “Project Guardian provides a useful platform for central banks, regulators and financial institutions to understand the opportunities and risks of asset tokenisation while operating within a safe environment. The GL1 initiative is an important next step to realise the potential of asset tokenisation and reap efficiencies in capital markets." Caroline Butler, Global Head of Digital Assets at BNY: “We are pleased to collaborate with MAS and our industry peers on this unique GL1 initiative that brings together resiliency, risk management and innovation through blockchain technology to address the evolving opportunities and challenges in building the market infrastructure of the future.” Puneet Singhvi, Global Head of Citi Digital Assets: “We are excited to partner with MAS and other financial institutions on the GL1 initiative and to have the opportunity to explore bringing digital asset applications onto a common shared digital infrastructure. Digital assets have the power to bring new capabilities and efficiencies across the financial value chain, and this initiative could accelerate the modernisation of legacy systems through interoperability, increased asset mobility, and new business models." Naveen Mallela, Global Head of Coin Systems and Liink at Onyx by J.P. Morgan: “At Onyx, we believe in the transformative power of blockchain technology, and the benefits of bringing multiple currencies, assets and financial applications onto a global shared ledger infrastructure." Masashi Watanabe, Managing Director/Digital Strategy Division of MUFG Bank: “We are excited about being a part of the initial movement of GL1 along with the experienced institutions of this area in the industry, and moreover about sharing the whitepaper, which describes several aspects we have observed as essential to actualizing the shared ledger infrastructure." Jean-Marc Stenger, CEO of SG Forge : “We are excited to be a founding member of GL1 as we work to bridge the gap between traditional market infrastructures, private siloes and permissionless blockchain environments. GL1 presents an opportunity to scale Distributed Ledger Technology (DLT) ... ...

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Seven banks have pledged to offer fast-track loan approvals within five working days for SMEs participating in government-backed digital transformation programmes Read here: https://lnkd.in/gmkDJpBw -with Hong Kong Monetary Authority (HKMA) Cyberport Hong Kong #fintech #lending #banking #SME #digitaltransformation

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We're teaming up with Sygnum Bank to bring their Digital Asset Multi-Manager Fund to Moomoo Singapore's platform. This actively managed crypto fund will be available to accredited investors from Q1 2025, a first for digital investment platforms in Singapore. The fund brings institutional-grade crypto exposure through a diversified fund-of-funds structure, backed by a 5-year track record. "As digital assets enter the mainstream, many high net worth clients now view them as a key component of a modern and resilient portfolio." - Echo Zhao, Country Head, Moomoo Singapore Read the full story on The Straits Times to learn more: https://lnkd.in/gzDDqV-g Thank you Claire Huang for the feature!

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Over the past two years, MAS has worked with 24 financial institutions to pilot promising asset tokenisation use cases under Project Guardian, a program to drive common asset tokenisation standards in fixed income, foreign exchange (FX) and asset & wealth management The expansion to this project explores the establishment of a non-profit organisation (GL1 Org) to develop common principles, policies and standards for operating a global shared ledger infrastructure. This would complement the potential future establishment of independent operating companies that would build and deploy the GL1 infrastructure. Watch the wave #familyoffice #holdco #virtualbusiness

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Over the past two years, MAS has worked with 24 financial institutions to pilot promising asset tokenisation use cases under Project Guardian, a program to drive common asset tokenisation standards in fixed income, foreign exchange (FX) and asset & wealth management The expansion to this project explores the establishment of a non-profit organisation (GL1 Org) to develop common principles, policies and standards for operating a global shared ledger infrastructure. This would complement the potential future establishment of independent operating companies that would build and deploy the GL1 infrastructure. Watch the wave #familyoffice #holdco #virtualbusiness

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🌐 How are bank business models evolving? We're going to take a leap into the future with Kelvin Tan, the visionary lead of audax. He'll take the stage on May 16 and we're already curious to hear Kelvin's insights and story of plug-and-play transformation in the banking ecosystem. 🏦 100+ happy employees on Kelvin's LinkedIn cover photo reveal a lot! audax is about courage – the courage to push frontiers, defy the norm, and embrace the unconventional. The company's guiding light is the belief that innovation thrives on audacity, and with audax, you're not just choosing our digital banking solutions – you're choosing a fearless partner ready to explore new horizons. 🌟 Kelvin's keynote at the Nordic Fintech Summit will take us into the evolving banking business models, examining the roles of digital banks and the integration of embedded finance to redefine the financial landscape. With his finger on the pulse of cutting edge tech, his insights at the summit will spotlight the potential of 'super banks' as pivotal economic hubs. 📅 Join us for a day going into the future of banking at the #NordicFintechSummit on May 16, 2024, in Helsinki. 🔗 Check the full agenda and secure your tickets early - link in the comments. 👀 There are 2 partner spots left. #DigitalBanking #DigitalPayments #HelsinkiFintech #EmbeddedFinance

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The Hong Kong Monetary Authority (HKMA) has announced a new operational resilience requirement mandating that all retail banks must be able to easily switch to a different credit reference agency (CRA) in the event of a service disruption at one CRA. https://lnkd.in/gBgsbGca

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Singapore-based Rakkar Digital, a leading digital asset custodian backed by SCB 10X, the venture arm of the SCB – Siam Commercial Bank, has announced a strategic partnership with DigiFT, a pioneer in regulated exchanges for real-world assets (#RWA) on the #blockchain. DigiFT holds a crucial advantage - a Capital Markets Services (CMS) license and Recognised Market Operator (RMO) designation from the Monetary Authority of Singapore (MAS). This makes it the first regulated exchange on a public blockchain dedicated to RWAs. By combining Rakkar Digital's custody services with DigiFT's exchange, the partnership aims to establish a robust ecosystem for institutions to confidently enter the world of #digitalassets. Rakkar Digital's secure custody solutions will safeguard tokenized real-world assets like DigiFT's USD treasury bills, bank bonds, and money market funds. This ensures maximum asset security and improves capital efficiency for institutions. “Our partnership with DigiFT underscores our commitment to providing secure, compliant, and innovative custody solutions that meet institutional demands in the digital asset space," said Arthit (T) Sriumporn, founder and CEO of Rakkar Digital. "By collaborating with a regulated RWA exchange like DigiFT, we pave the way for institutions to achieve a more capital-efficient future.” #AltBanking The leading aggregator, bringing the best actionable news, information and opportunities in this rapidly evolving ecosystem right to you. Follow us to stay up-to-date! #finance #fintech #DeFi #Web3 #tokenization #tokenisation https://lnkd.in/g-QiHK9b

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OCBC Bank has become the first bank in Singapore to offer intraday institutional lending using blockchain technology. This allows them to lend cash to other institutions like J.P. Morgan and receive tokenized securities as collateral. The blockchain platform enables near-instantaneous transactions compared to the traditional one-day wait in the regular repo market. #OCBC #Blockchain #FinTech #SingaporeBanking #DigitalFinance #IntradayLending

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SGD FX Basket Update: PHP Exclusion? It will be Monetary Authority of Singapore (MAS) decision time on July 31 and we tend to update the Bloomberg Intelligence Singapore dollar NEER (S$NEER) tracker around the quarterly policy meetings. This time around, we have realized something interesting — that the MAS might have excluded the Philippine peso (PHP) from the S$NEER basket over the last three months (possibly due to the apparent PHP weakness vs. SGD) -- a conclusion based on calibrating our tracker vis-à-vis the MAS official S$NEER (credit to the findings from my teammate Chunyu Zhang, CFA, FRM!). Otherwise, with the PHP included (like the prior baskets), our tracker would have breached the FX trading band and might have required the MAS to step up FX intervention ... For the Bloomberg Intelligence report written with Chunyu out today, please visit the FX strategy homepage BI CURRG <GO>: "FX-Basket Manipulation by MAS May Be an Option to Cool Currency" (terminal link: https://lnkd.in/gyS3m7zP). #bloombergintelligence #fxtrading #singapore #mas #fxintervention #philippines #us #federalreserve BI S$NEER Tracker With PHP Included (Source: MAS; Bloomberg Intelligence)

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Singapore's DBS Bank and Ant International, an affiliate of Alibaba Group, are piloting a blockchain-based solution to streamline cross-border treasury and liquidity management. This project showcases the increasing adoption of blockchain technology to tackle real-world challenges in financial services. - Instant, Multi-Currency Transactions: The pilot utilizes DBS's permissioned blockchain and Ant International's Whale Cloud Business Online for instant settlement of cross-border transactions in multiple currencies. - Enhanced Efficiency and Transparency: By merging blockchain and AI, the solution aims to offer corporate treasurers real-time visibility and control over their global cash positions, reducing reliance on traditional, time-consuming processes. - Targeting the Future of Treasury: This collaboration caters to the evolving needs of businesses in a 24/7 digital economy, especially in sectors like e-commerce and on-demand services where efficient cross-border payments are vital. DBS’ latest project stems from the lender’s involvement in the Monetary Authority of Singapore (MAS) tokenization projects. This initiative is a prime example of major financial institutions embracing blockchain to enhance existing services and unlock new possibilities. The pilot project showcases blockchain's potential to revolutionize cross-border treasury management, providing a glimpse into the future of corporate finance in an increasingly interconnected global economy. #Crossborder #payment #solution #blockchain #eCommerce

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The Monetary Authority of Singapore (MAS) is actively advancing asset tokenisation through its Global Layer 1 (GL1) initiative. In collaboration with international financial institutions like BNY, Citi, J.P. Morgan, MUFG Bank, and Societe Generale-FORGE, MAS aims to create a shared ledger infrastructure for tokenised assets. Over the past two years, MAS has worked with 24 financial institutions to pilot asset tokenisation use cases under Project Guardian. These institutions include asset managers, market operators, custodians, credit rating agencies, and commercial banks. Recently, S&P Global Ratings joined Project Guardian, contributing to the Fixed Income workstream by developing analytic frameworks and benchmarks for digital assets and tokenised markets. Alta Exchange, Hamilton Lane, and Phillip Securities are partnering on a tokenised private credit fund under Project Guardian.   The GL1 initiative focuses on developing standards, market practices, and governing principles for digital infrastructure supporting tokenised assets.  MAS welcomes global industry associations like the Global Financial Markets Association (GFMA), International Capital Market Association (ICMA), and International Swaps and Derivatives Association (ISDA) to join Project Guardian’s industry group.  MAS is establishing three workstreams to develop standards and frameworks across key asset classes.  Collaborating with ICMA, the Fixed Income Workstream will create protocols and data specifications, including standard clauses for smart contracts related to fixed income products.  In partnership with ISDA and the Global Foreign Exchange Division (GFXD) of GFMA, the FX Workstream will focus on FX data specifications, risk management frameworks, and documentation.  Working with global custodians and asset managers, the Asset & Wealth Management Workstream will address common data models and risk considerations for fund tokenisation.  A shared ledger infrastructure is essential to scale tokenised asset transactions globally. It must accommodate various tokenised financial assets while meeting regulatory requirements.   The impact of asset tokenisation on traditional financial markets is multifaceted. Tokenisation allows fractional ownership of assets, making it easier for investors to participate in markets that were previously illiquid.  Traditional assets like real estate, private equity, and fine art can be tokenised, enabling broader access and liquidity.  Blockchain-based tokenisation streamlines processes such as settlement, clearing, and ownership transfer.  Transparency is improved through immutable records on the blockchain, reducing fraud and enhancing trust. Tokenisation democratises access to investment opportunities. Retail investors can participate alongside institutional players.  Emerging markets and underserved segments gain exposure to global assets.   Terence Nunis Terence K. J. Nunis, Consultant Chief Executive Officer, Equinox GEMTZ

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State Bank of Pakistan could never. Our SBP pushed banks to block access to mobile/web banking for a 2 hour cool off period when device changes and in some cases even require additional biometric to be able to perform even smallest of transactions. SBP also pushed banks like HBL to remove features like email address updation via mobile app (with multi-factor authentication) because of pressure from President of Pakistan when a banking mohtasib complain was escalated all the way up to him. We also removed the option to pay smartphone tax online. Our Federal, Provincial's hiring process still remains stuck at depositing challans at physical hell like National Bank Branch. Financial Services are highly protectionist in Pakistan compared to a USA, UK context. So innovations like digital, self service account opening during Reza Baqir's tenure as SBP Governor require impetus from regulator.

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A.I. Oscar (OCBC Securities’ Customer Artificial-Intelligence Radar) is the first AI-powered stock-picker tool in Singapore and tracks stocks in the Singapore, Hong Kong and Unites States markets. Built with deep learning algorithms, it can predict stock movements and generate hyper-personalised stock ideas.   With this tool, OCBC Securities aims to triple the number of active Singapore young investors over the next 3 years.   #AI #artificialintelligence #investing #trading

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