Singapore’s Financial Technology Company STACS Partners with CSOP

Hashstacs Pte Ltd (STACS), a leading fintech company in Singapore, announced a collaboration with CSOP Asset Management yesterday. According to the partnership details, the Over-the-Counter (‘OTC’) Derivatives Trade Processing prototype, built by STACS on its DLT-based platform, Vetta has now been completed.

Both companies have worked together in the past few months to make the OTC derivatives trade processing smooth and efficient. In addition, CSOP highlighted the growing use of distributed ledger technology and smart contracts.

The partnership between STACS and CSOP received support from the Investment Management Association of Singapore (IMAS), the country’s representative body responsible for the development of the fund industry in the region.

“We are thrilled to be part of this collaboration with CSOP Asset Management to deliver a cutting-edge live functional platform for efficient OTC Derivatives Trade Processing via distributed ledger technology. The solution enables efficiencies, risk management, servicing capacity, and an overall increase in profit for all market participants while ensuring cross-platform interoperability and adherence to international standards of information security. This is definitely a meaningful collaboration that can create vast value and opportunities for the asset management industry and capital markets as a whole,” Benjamin Soh, the Managing Director at STACS, commented.

Blockchain Technology

The use of blockchain in the global trade and fund management industry has jumped significantly since the start of 2020. Several leading global companies have entered the blockchain space. During the first week of January 2022, Future Fintech announced the formation of a new blockchain division.

David Ng, the Deputy CEO at CSOP Singapore, believes that the partnership with STACS will increase transparency and security. “Partnering with STACS on this platform will allow CSOP to address the huge fragmentation across the entire industry where different banks and brokers have developed their own set of varying practices along with the entire trade matching and settlement process,” David Ng added.

Hashstacs Pte Ltd (STACS), a leading fintech company in Singapore, announced a collaboration with CSOP Asset Management yesterday. According to the partnership details, the Over-the-Counter (‘OTC’) Derivatives Trade Processing prototype, built by STACS on its DLT-based platform, Vetta has now been completed.

Both companies have worked together in the past few months to make the OTC derivatives trade processing smooth and efficient. In addition, CSOP highlighted the growing use of distributed ledger technology and smart contracts.

The partnership between STACS and CSOP received support from the Investment Management Association of Singapore (IMAS), the country’s representative body responsible for the development of the fund industry in the region.

“We are thrilled to be part of this collaboration with CSOP Asset Management to deliver a cutting-edge live functional platform for efficient OTC Derivatives Trade Processing via distributed ledger technology. The solution enables efficiencies, risk management, servicing capacity, and an overall increase in profit for all market participants while ensuring cross-platform interoperability and adherence to international standards of information security. This is definitely a meaningful collaboration that can create vast value and opportunities for the asset management industry and capital markets as a whole,” Benjamin Soh, the Managing Director at STACS, commented.

Blockchain Technology

The use of blockchain in the global trade and fund management industry has jumped significantly since the start of 2020. Several leading global companies have entered the blockchain space. During the first week of January 2022, Future Fintech announced the formation of a new blockchain division.

David Ng, the Deputy CEO at CSOP Singapore, believes that the partnership with STACS will increase transparency and security. “Partnering with STACS on this platform will allow CSOP to address the huge fragmentation across the entire industry where different banks and brokers have developed their own set of varying practices along with the entire trade matching and settlement process,” David Ng added.

Source: https://www.financemagnates.com/fintech/news/singapores-financial-technology-company-stacs-partners-with-csop/