The trial will make use of tokenised securities and smart contracts over a permissioned ledger to streamline bond issuance and servicing workflows.
The new 'Veritas' framework aims to improve internal governance among financial institutions around their solutions driven by artificial intelligence and data analytics.
The launch of the BIS Innovation Hub Centre took place on the sidelines of the 2019 Singapore FinTech Festival x Singapore Week of Innovation and TeCHnology.
The new platform, launched by MAS, Deloitte and S&P Global Market Intelligence, will help financial institutions and investors to more effectively discover investment opportunities in the fintech space.
The prototype network, developed by MAS in collaboration with JP Morgan and Temasek, will provide interfaces for other blockchain networks to connect and integrate seamlessly.
Firms still take more than a day on average to resolve reconciliations and disputes caused by a lack of data transparency through the trade lifecycle.
Initially, mobile payment services, offline payment solutions, and contactless payments will be considered for inclusion in the regulatory sandbox.
As part of an ecosystem approach to fintech development, HKMA chief Eddie Yue wants to work with FIs, end users and technology firms to drive innovation in financial services.
Under the new framework, announced at Hong Kong Fintech Week, platform operators that offer trading in virtual assets classified as securities may seek Type 1 and Type 7 licences from the SFC.