Japan's SBI Shinsei Bank collaborates with Singapore's Partior and Japan's DeCurret DCP to explore the application of multi-currency tokenized deposits in cross-border transactions.
According to the announcement, the three parties signed a memorandum of understanding (MoU) on Tuesday, planning to develop a blockchain settlement framework that supports multi-currency real-time clearing.
DeCurret currently operates the DCJPY platform, allowing Japanese banks to issue tokenized deposits denominated in yen. SBI Shinsei Bank plans to break through the yen limitation and issue tokenized deposits in other major currencies to meet the growing demand for faster international payments.
Partior's multi-currency settlement infrastructure has been adopted by major financial institutions such as JPMorgan, DBS Bank, Deutsche Bank, and Standard Chartered. The platform currently supports USD, EUR, and SGD, and this collaboration will include yen in its support range.
The collaboration aims to create a round-the-clock settlement system. SBI Shinsei Bank will be responsible for the issuance side, DeCurret will connect its DCJPY system to the Partior international network, and Partior will integrate yen support into the platform.
The announcement stated, "The three companies will initiate discussions as soon as possible to clarify their respective responsibilities and strive to sign a formal business cooperation agreement at the earliest opportunity."
If the collaboration progresses smoothly, this initiative is expected to leverage distributed ledger technology to reduce settlement time and costs. At the same time, this solution is anticipated to become an alternative to traditional correspondent banking services. In the traditional model, correspondent banks need to open and maintain accounts for responding banks and handle payments.
Last year, the Bank for International Settlements (BIS) launched the "Project Agora" project in collaboration with central banks from France, Japan, South Korea, Mexico, Switzerland, the UK, and the US Federal Reserve. The project aims to connect tokenized commercial bank deposits with tokenized wholesale central bank currencies through a unified ledger.
The project's goal is to simplify global payment processes, reduce inefficiencies in cross-border transactions, achieve smart contract functionality, while maintaining a dual banking system.
Singapore's central bank (MAS) leads Project Guardian, which focuses on enhancing the speed, transparency, and efficiency of lending, securities trading, and foreign exchange trading through tokenization.
Related: The Federal Reserve's "Third Mission" may lead to a depreciation of the dollar, boosting Bitcoin (BTC).
Original: “Japan's SBI Shinsei Bank Partners with New Partners to Explore Tokenized Crypto Payments”
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