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We’ve already stated in our recent post also that Australia has been the predominant country for FinTech innovation.
It is reported that on the successful launch of the world’s first blockchain-based fixed income product. The World Bank, Commonwealth Bank of Australia (CBA), and other investors made the initiative possible, which stemmed in the bond-raising more than $80 million.
For now, the Australian Securities Exchange (ASX) has signed a pact with cloud computing giant ‘VMware’ to team up for the development of its blockchain-based equities clearing and settlement mechanism.
As per the reports of KPMG, there were insights revealing that there has been a five-fold rapid surge in the number of FinTech start-ups in Australia over the past 5 years and the sub-sectors encompassed have become more diverse.
Investment in the Australian FinTech sector has risen remarkably as the Australian FinTech ecosystem is becoming increasingly diverse.
With that said, ASX made an announcement about its new deal with ‘VMware’ and its existing blockchain partner Digital Asset (DA), which is most likely to assist with a robust back-up to its distributed ledger technology (DLT) initiatives in Australia and New Zealand.
With that objective, the existing clearing-house set up, namely, ‘CHESS’ which is the older version is likely to be replaced. The new mechanism originally projected to go live by the end of 2020, but deferred mid of 2021, ASX has been rigorously working on the same.
Peter Hiom, ASX Deputy CEO, said: “This new partnership is a very positive development that will help us support a wider range of DLT solutions developed by the industry. It confirms our belief in the potential of DLT as we remain on track to deliver the CHESS replacement system in March-April 2021.”
While co-founder and CEO of Digital Asset, Yuval Rooz said: “We continue to achieve our milestones to deliver a production-grade, scalable distributed ledger solution for CHESS. VMware is now part of the mission we share with ASX to deliver a DAML-based distributed infrastructure to realize the full potential of this technology.”
