The Monetary Authority of Singapore (MAS) and the country’s stock exchange, Singapore Exchange (SGX), have developed a settlement system for tokenized assets that can work across different blockchains.

Announced by the nation’s Ministry of Communications and Information in a press release on Sunday, the newly completed delivery versus payment (DvP) system utilizes smart contracts to simplify post-trade processes and shorten the settlement cycle.

The new system is aimed to make it easier for financial institutions to carry out the simultaneous exchange and final settlement of tokenized digital currencies and securities as required under DvP.

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