UBS, SBI, Complete 1st Repo On Blockchain
UBS, SBI, and DBS have successfully executed the first cross-border repurchase agreement (repo) using a natively issued digital bond on a blockchain platform.
This groundbreaking transaction represents a significant step forward in the use of distributed ledger technology (DLT) for simplifying and speeding up cross-border financial activities.
The collaboration involved tokenized Japanese Yen being used to finance the purchase of a digital bond, with the entire process managed on a public blockchain.
This allowed for real-time settlement and increased operational efficiency, showcasing the financial industry’s accelerating shift towards embracing innovative technologies to enhance transactional processes.
The fully automated live repo transaction is part of the Monetary Authority of Singapore’s (MAS) Project Guardian and aligns with ongoing efforts by UBS Asset Management and SBI Digital Markets to explore blockchain’s potential for fund issuance on a permissioned Ethereum network.
(With inputs from Shikha Singh)
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