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Manila Bulletin devider Business devider ADB to create blockchain network for Asia

ADB to create blockchain network for Asia

Published Jan 26, 2022 11:59 am

The Asian Development Bank (ADB) announced on Wednesday, Jan. 26, that it will use blockchain technology to make cross-border securities transactions in Asia and the Pacific more efficient and secure.

In a statement, the Manila-based multilateral institution said the ADB is working with leading blockchain companies in developing ways to directly connect central banks and securities depositories in the ASEAN+3 region within a blockchain network.

The ASEAN+3 consists of the Association of Southeast Asian Nations plus Japan, the People’s Republic of China, and the Republic of Korea.

“Directly connecting the institutions within a blockchain network could reduce both transaction costs and settlement risks—the possibility that securities are not exchanged within an agreed time frame,” the ADB said.

Cross-border securities transactions in the ASEAN+3 region are currently processed through a global network of custodians and correspondent banks, which go through global centers in either the United States or Europe.

As a result, intraregional transaction settlements in ASEAN+3 take at least two days, due to time differences as well as varying operating hours for markets within the same time zone.

This ADB initiated project will be carried out in two phases: a designing phase, to be completed by March this year, and a prototyping phase, scheduled for the second quarter of 2022.

“The results will be discussed with ASEAN+3 government officials and members of the Cross-Border Settlement Infrastructure Forum of the Asian Bond Markets Initiative, made up of central banks and securities depositories from across the region,” the bank said.

ADB is partnering with ConsenSys, Fujitsu, R3, and Soramitsu on the project, which will also examine systems interoperability and the viability of central bank digital currencies in the region.

The project is supported by ADB’s Digital Innovation Sandbox program, a platform for partners across the public and private sectors to collaborate on digital solutions.

Related Tags

blockchain technology ADB ASEAN+3 cross-border securities transactions Asian Development Bank
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