Deutsche Bank and STACS Announces Completion of PoC for “Project Benja”

Fazzaco learned that Deutsche Bank Securities Services and Hashstacs Pte Ltd (‘STACS’) has announced the completion of their proof-of-concept (‘POC’) referred to as “Project Benja”.

Set in the context of tokenized securities in the securities market, the teams worked on digital assets interoperability across platforms and related custody, digital securities and cash delivery-versus-payment practice, distributed ledger technology (‘DLT’) to traditional systems connectivity, operating model evolution and smart contract templates including those involving sustainability-linked digital bonds.

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Deutsche Bank’s domain expertise and the respective teams’ technical designs were combined with STACS’ live DLT platform which allows for end-to-end bonds lifecycle management. The POC’s results were subsequently tested with industry participants – UBS, Malaysia National Stock Exchange Bursa Malaysia, and Union Bank of the Philippines (UnionBank) whose perspectives enriched the POC with more holistic assessments.

“Data transparency, reliability and security are corner stones of the emerging ESG capital market. This cutting-edge ‘bond in a box’ POC successfully explored the synergies between Fintech and ESG, using distributed ledger and smart contracts capabilities with cross-platform interoperability for ESG-compliant digital securities”, Kamran Khan, APAC Head of ESG at Deutsche Bank said.

Commenting on the news, Benjamin Soh, Managing Director at STACS, said: “We are excited to have taken the first step towards turning a proof-of-concept to a proof-of-commercialization, through our collaboration with Deutsche Bank, and with other leading financial industry participants. In addition, with the world’s focus turning towards ESG and sustainability, we look forward to expanding our network’s efforts in the sustainability push of the next few decades, via DLT technology as the common technology infrastructural nexus.”

Fazzaco earlier reported Deutsche Bank Securities Services announced partnership with STACS​ to jointly explore a proof-of-concept related to digital assets.