The Monetary Authority of Singapore (MAS) and the Singapore Exchange (SGX) are looking to blockchain to create a secure platform for selling tokenized securities.

Technology firm Anquan, consulting giant Deloitte and stock exchange operator Nasdaq will work with the MAS and SGX to develop a Delivery versus Payment (DvP) platform for tokenized assets, including tokenized digital currencies and securities assets, according to a press release. The DvP platform will be able to simultaneously transact the securities asset being traded with the funds being used to pay for it.

In other words, both parties will simultaneously swap money for assets using a smart contract network, the release explained. This swap will be able to occur across different blockchain platforms.

The work will be a part of Singapore's Project Ubin, the nation's ongoing blockchain initiative.

The companies involved will examine Project Ubin's existing protocols and determine how to leverage them for a DvP platform. The companies will then release a report by November 2018 explaining how to best launch a DvP system.

MAS chief fintech officer Sopnendu Mohanty said in a statement that "blockchain technology is radically transforming how financial transactions are performed today, and the ability to transact seamlessly across blockchains will open up a world of new business opportunities."

He added:

Similarly, SGX head of technology Tinku Gupta explained that the platform will "eliminate both buyers' and sellers' risk in the DvP process."

Singapore flags image via small1 / Shutterstock