Deutsche Bank, Hashstacs collaborate on projects involving digital asset

Deutsche Bank, Hashstacs collaborate on projects involving digital asset

Deutsche Bank- a German multinational investment bank, has reportedly announced its partnership with Hashstacs (STACS)- a blockchain development company to explore a proof-of-concept regarding the practical and technological feasibility of digital assets interoperability, cross-border connectivity, liquidity, and smart contract templates which include the support of digital bonds.

For the record, in October 2020, the Frankfurt-based bank and STACS were offered the PoC grant as a part of the Financial Sector Technology and Innovation Scheme under the Financial Sector Development Fund which is monitored by the Monetary Authority of Singapore.

Hashstacs, a Singapore-headquartered fintech firm lays its focus on capital markets use cases, like the trade lifecycle management of bonds, social and governance fintech, environment, exchange-traded derivatives, and structured products.

In a statement, Jeslyn Tan, Global Head of Product Management of Securities Services at Deutsche Bank, said that, through this partnership, investors will have to custody their digital assets, assess settlement finality, and showcase confidence in their security along with the support from the bank’s infrastructure. This will further help in integrating platforms that may offer cross-border issuer-investor needs across the globe, he added.

According to Benjamin Soh, MD at STACS, the new transformative technological project with Deutsche Bank will help expand the firm’s offerings into the green Fintech and ESG. The partnership will help empower global market’s connectivity and sustainability.

Soh stated that the company aims at helping Singapore become the world’s leading financial capital and a center for technological transformation and innovation.

In the past, Hashstacs had tied-up with EFG- a Switzerland-based private bank on “Project Nathan- Smart Structured Products” with an aim to deploy advanced blockchain technologies that will improve the key processes that are related to structured products.

For the record, STACS is also working on a pilot DLT PoC with Bursa Malaysia, Malaysia’s stock exchange platform. 

Source Credit: https://www.theasset.com/article-esg/42568/deutsche-bank-stacs-to-collaborate-on-digital-asset-poc