Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

Citi partners with MAS for blockchain-based FX solution

EditorPollock Mondal
Published 11/15/2023, 01:48 AM
© Reuters.

Citi, a global financial services firm, has announced a partnership with the Monetary Authority of Singapore (MAS) to develop an innovative blockchain-based solution for foreign exchange (FX) transactions. The initiative, part of Project Guardian, aims to enhance the cross-border trading process by providing real-time FX price quotes and recording trade executions for any fiat currency pair on a blockchain.

On Tuesday, under Project Guardian, Citi launched an application that enables real-time spot FX trades, initially with USD/SGD but adaptable to other fiat pairs. This new application provides further depth to the project's capabilities and increases its potential scope of impact in the financial industry.

The new platform is designed to ensure immutable record-keeping and compliance with financial regulations while offering global liquidity, pricing, and risk management. According to Citi, this technology will improve both the pre-trade and execution stages of the trade life cycle. The system leverages oracles for bilateral messaging and supports best execution analysis on a single platform.

This collaboration has garnered support from other financial institutions as well. T. Rowe Price Associates emphasized the need for user-friendly institutional-grade execution, while Fidelity International highlighted the transformative potential of distributed ledger technology for the finance industry.

The Avalanche blockchain underpins the system, tasked with capturing price quotes and trade confirmations, which is crucial for maintaining financial stability and integrity. The application also incorporates Request For Stream (RFS), allowing real-time post-trade analysis on a single platform while recording price quotes and trade confirmations specific to each counterparty. This ensures that all transactions adhere to institutional compliance.

Citi, with its extensive range of financial products and services available in nearly 160 countries, continues to lead in wealth management innovation through strategic partnerships like this one with MAS.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.