Malaysia's Stock Exchange Eyes Blockchain for Bond Market Digitization

Known as Project Harbour, the initiative will use distributed ledger technology as a register for a bond marketplace.

Jul 30, 2020 at 9:24 a.m. UTC
Updated Sep 14, 2021 at 9:38 a.m. UTC

Malaysia's national stock exchange will explore the digitization of the country's bond market through a proof-of-concept blockchain project.

  • Known as Project Harbour, the initiative will use distributed ledger technology (DLT) as a register for the Labuan Financial Exchange’s (LFX) bond marketplace.
  • LFX is a subsidiary of Bursa Malaysia, the country's stock exchange, which is collaborating with Singapore-based fintech development firm Hashstacs on the project.
  • The project will use DLT to enable a single source of information to be shared securely between participating banks and the exchange, a company press release said.
  • DLT could create an industry-wide ecosystem that would pave the way for a "complete solution" in the clearing and settlement of bonds on the platform, said Hashstacs' managing director, Benjamin Soh.
  • The trial will also look at improving operational efficiency and reducing cost for the exchange and for bond issuance.
  • Bursa Malaysia, along with the Securities Commission of Malaysia, Labuan Financial Services Authority, CIMB Investment Bank Berhad and others will use Hashstac's infrastructure to test and manage the end to end life-cycle of the bonds.
The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
San Francisco NFL Player Alex Barrett Taking His Salary in Bitcoin

The most valuable crypto stories for Thursday, May 20, 2022.

The most valuable crypto stories for Thursday, May 20, 2022.

CoinDesk - Unknown
2
CoinDesk - Unknown
Justin Sun Still Thinks Algorithmic Stablecoins Are a Good Idea

The crypto mogul also said LUNA and UST might make good "meme coins," he said on CoinDesk TV’s “First Mover.”

The crypto mogul also said LUNA and UST might make good "meme coins," he said on CoinDesk TV’s “First Mover.”

CoinDesk - Unknown
3
CoinDesk - Unknown
Former BitMEX CEO Arthur Hayes Sentenced to 2 Years Probation

Hayes pleaded guilty to one count of violating the Bank Secrecy Act (BSA) in February, and faced a sentence of up to 12 months in prison.

Hayes pleaded guilty to one count of violating the Bank Secrecy Act (BSA) in February, and faced a sentence of up to 12 months in prison.

CoinDesk - Unknown
4
CoinDesk - Unknown
Market Wrap: Cryptos Decline Amid Choppy Trading, DeFi Tokens Underperform

Aversion to risk remains as volatility returns to stocks and cryptos.

Aversion to risk remains as volatility returns to stocks and cryptos.

CoinDesk - Unknown