ADB plans to create blockchain network for Asia cross-border securities transactions (The Business Times)

The Asian Development Bank (ADB) has launched a project which uses blockchain technology to improve the efficiency and security of cross-border securities transactions in Asia and the Pacific.

ADB said in a press statement on Wednesday (Jan 26) that it plans to create a blockchain network to connect central banks and securities depositories in the Asean+3 region, which includes Asean members, Japan, China and South Korea.

Directly connecting these institutions could reduce transaction costs and reduce the risk of securities not being exchanged within an agreed timeframe, ABD said.

Currently, Asean+3 cross-border transaction settlements take at least 2 days because they are required to go through global centres in either the US or Europe. The time differences and the varying operating hours for markets within the same timezone are the main causes for the delay.

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The Business Times

26 January 2022