SettleMint awarded Proof of Concept for blockchain in Securities Services

16 January 2019
SettleMint awarded Proof of Concept for blockchain in Securities Services

The times are changing

As the global economy rapidly develops and evolves, so does the need for sophisticated financial services. These needs cannot always be easily or efficiently met with traditional technologies. That is why SettleMint has accepted Standard Chartered’s challenge to explore how blockchain technologies can be leveraged to drive prosperity for the businesses and people across Asia, Africa and the Middle East.

In the proof of concept, SettleMint’s middleware solution, ‘Mint’, will be used by Standard Chartered to tokenize several types of securities, communicate with digital asset exchanges and execute transactions for these assets using smart contracts. This will result in transactions being settled in seconds rather than in days, dramatically shortening client transaction cycles. Standard Chartered has awarded SettleMint this Proof of Concept to test Mint’s potential and readiness for production rollout.

A number of Mint components will be utilized to fulfil the Proof of Concept’s requirements, including ‘TokenMint’ for asset tokenization and ‘Marketplaces’ for the trading engine, in combination with Mint’s native, second layer scaling solution for near instantaneous settlement of transactions.

“We are excited to be working with Standard Chartered on this Proof of Concept. As a digital leader in their core markets, they have a very clear view of where the market is heading and we are honored to be selected to support the further assessment of the potential and readiness for production roll out for asset tokenization. With their clarity of purpose and strong leadership, Standard Chartered is well-positioned to capture the benefits of blockchain technologies for their clients and their shareholders in the years to come. Our enterprise-grade, production tested technology is fully up to this challenge.” - Matthew Van Niekerk, CEO SettleMint.

The goal and the benefits

The Digital Virtual Exchange which supports fractional tokenization of any security type (e.g. shares, bonds, currencies, real estate) will provide investors with a new world of trading possibilities, not to mention the additional benefit of 24/7 execution.

SettleMint is partnering with NTT DATA Singapore, a global leader in IT services space, to provide cloud and value added services as may be required during the implementation of the solution.

Who is SettleMint?

SettleMint is a leading supplier of Blockchain middleware solutions for the financial services sector. Headquartered in Leuven, Belgium, with offices in Dubai and soon Singapore, SettleMint is a fast-growing company with many clients worldwide. SettleMint licenses a suite of blockchain based solutions which can be customised to meet the needs of specific client use cases. Its core product, Mint, is a blockchain agnostic middleware solution supporting the most stable blockchain technologies available, thereby minimizing risk for obsolescence and vendor lock-in for clients. Mint enables clients to deploy blockchain technologies in a matter of days or weeks instead of months or years. Using the API layer of Mint, clients are able to program in their native language, bypassing the need to become an expert in blockchain protocols. SettleMint makes it easy to integrate blockchain technologies.

Contact

Standard Chartered Bank Mr. Zhu Kuang LEE, Director, Product Innovation, Securities Services, Transaction Banking Email: [email protected] SettleMint Els Meyvaert, MarCom Director and Media Relations Email: [email protected]

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