Singapore-based Broctagon Fintech Group has declared a collaboration with enterprise blockchain technology provider, Hashstacs, to assist blockchain in Singapore to more commercial usage.

The companies are operating on Project Ubin, Singapore’s allied digital money project managed by the Monetary Authority of Singapore. Broctagon will be aiding Hashstacs in implementing the technology to enable more companies to join in the payments network of the project.

Project Ubin, a blockchain-based model for multi-currency payments, is managed by the Monetary Authority of Singapore (MAS). The project will combine Singapore’s financial industry and integrate blockchain for commercial applications. For developing technology, this kind of alliance is the key to mainstream approval and recognition.

“We hope that through our partnership with Hashtacs, Project Ubin will be vital in showing the power of blockchain to global industries.”

Phase 5 of the project intends to develop cost-effectiveness for businesses and combine the different blockchain platforms commercially applied in the market today. It will give interfaces for other blockchain networks to link, as well as to extend additional features to further use cases such as Delivery-versus-Payment (DvP) settlement with conditional payments, private exchanges, and escrow for trade, as well as payment commitments for trade finance.

Hashstacs has produced instant processing and settlement capabilities of several digitized securities on its STACS Blockchain and combined these with Project Ubin. This integration will make it more accessible for more companies to join in the project, utilizing STACS as the bridging platform.

Broctagon has fortuitously helped Hashstacs in an API for cross-chain integration among the other blockchain protocols, to provide connectivity in Project Ubin’s payments networks. It will be working on a Continuous Integration/Continuous Deployment (CI/CD) pipeline to combine STACS further with Project Ubin and enhance the delivery by automating the development, trial and deployment methods of applications in the project environment.

Jay Ng, managing director of Hashstacs, stated: “While blockchain is a comparatively new technology, we are now at a point where the traditional financial markets are better informed and receptive to solutions which can address classic pain-points.

“We proudly welcome our technical partners to come together to play a historic role in the international development of blockchain standards. Our work with Project Ubin is an essential step to show that digitizing the financial markets on the blockchain is not only possible but commercially viable.”

Don Guo, CEO of Broctagon Fintech Group, added: “We’re very excited to be part of the momentous growth in Singaporean fintech. Many do not yet realize the real advantages of blockchain technology, and the opportunity cost of not catching up.

“We hope that through our partnership with Hashstacs, Project Ubin will be key to showing the power of blockchain to global industries.”