Investor tracking blockchain launched in Malaysia

By Ray Crawford·31 July 2020·2 min read

Key Points

HashStacs, headquartered in Singapore, has inked a deal with Bursa Malaysia Berhad to develop Project Harbour, an initiative designed to modernize the Central Securities Depository infrastructure of M

HashStacs, headquartered in Singapore, has inked a deal with Bursa Malaysia Berhad to develop Project Harbour, an initiative designed to modernize the Central Securities Depository infrastructure of Malaysia's leading exchange. The blockchain-based system will create a framework for converting bonds into digital tokens, enabling market participants to monitor asset positions in real time while streamlining the settlement and transfer mechanisms for capital and securities across the network.

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The underlying architecture leverages blockchain's tamper-resistant characteristics, establishing a unified ledger accessible to banks and exchange operators without compromising data integrity or security. Labuan, Malaysia's international financial hub, will serve as the testing ground for this technology, with the Labuan Financial Exchange—a Bursa Malaysia subsidiary—taking the lead on implementation alongside a consortium of industry stakeholders.

Participating alongside HashStacs are the Securities Commission of Malaysia, the Labuan Financial Services Authority, CIMB Investment Bank Berhad, Maybank Investment Bank Berhad, and China Construction Bank. Speaking to the initiative's value proposition, Datuk Muhamad Umar Swift, leading Bursa Malaysia as Chief Executive, noted: "The POC conducted in partnership with Hashstacs presents an opportunity to provide a valuable learning experience to build knowledge and obtain insights that will allow us to grow the bond marketplace. The POC aims to increase operational efficiency, driving down the cost of operations as well as the cost of issuing bonds."

HashStacs brings its Trident technology to orchestrate the full lifecycle of tokenized bond instruments, from inception through trading, servicing, and ultimate settlement. Benjamin Soh, HashStacs's Managing Director, outlined the broader implications: "HashStacs will develop a blockchain solution to issue, service, trade, and clear bonds on the platform. The creation of an industry-wide ecosystem will allow for a complete solution in the origination, servicing, trading, clearing, and settlement, allowing Malaysia to potentially have the first-mover advantage in attracting regional and international bond listings."

The venture reflects a broader regional momentum, with Singapore's Monetary Authority having tapped HashStacs for its Project Ubin initiative, currently in its fifth phase. As financial regulators across Asia continue exploring blockchain's potential for modernizing market infrastructure and enabling asset digitization, the region appears poised to drive meaningful advancement in mainstream blockchain adoption.

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