Menu

EFG Bank partners with Singapore fintech Hashtacs to develop blockchain platform



Hashtacs and Swiss private bank EFG are developing a blockchain platform in a project funded by the Monetary Authority of Singapore’s (MAS) Financial Sector Technology & Innovation (FSTI) proof-of-concept grant.

The platform is called “Project Nathan” and uses distributed ledger technology (DLT) to automate and manage the entire lifecycle of a structured product.

The platform is in the first phase of development which includes remodeling the workflows involved in a structured product transaction and liking various EFG departments involved, as well as using smart contracts to automate trade inception and trade servicing.

Collaboration

The solution will start with FX Accumulators and will be scaled up to include other types of structured products in future.

ESG believes that digitalization of the manual workflows has reduced significantly the manhours and operational risks and also resulted in an increase in efficiency of over 50%. The platform has also given EFG the ability to increase servicing capacity by almost to 300%.


Read More:

Related News

arrow

EFG Bank partners with Singapore fintech Hashtacs to develop blockchain platform

0
Send this to a friend