Sharing best practices from the trade mission to Singapore
This trade mission is part of the Partners for International Business (PIB) initiative, and coordinated by the Netherlands Enterprise Agency (RVO). Raymond Knops, acting minister of the Interior and Kingdom Relations, led the mission. Focus is on enterprises with innovative technological solutions in the field of blockchain for Financial Technology (FinTech) and Artificial Intelligence (AI). An important goal for Dusk Network is to assess and discuss the potential of Distributed Ledger Technology (DLT) for stock exchanges in the EU and APAC region.
Discussions centering around Client Due Diligence (CDD) with notable institutions De Nederlandsche Bank, The Monetary Authority of Singapore (MAS) and association of Banks, ABN Amro, Rabobank, ING, Capgemini and Consensys, provided support for our position that a successful integration of new core processes relies on persistence, entrepreneurial skills and the aim of value creation for both the developing and the implementing party. That is why we, at Dusk Network, adopt the ‘eat your own dog food’ strategy, and lead the value creation process for our Dusk Network Protocol.
APAC Security Tokens
With regard to the security industry present at the Singapore FinTech Festival (SFF), we see that most Singapore-based Security Token projects are closely involved with Project Ubin. “Project Ubin is a collaborative project with the industry to explore the use of Blockchain and Distributed Ledger Technology (DLT) for clearing and settlement of payments and securities.” — Monetary Authority of Singapore (MAS). This supports the notion that slowly but steady, both the EU and APAC region are testing blockchain solutions for digital assets in sandbox environments.
Contrary to Dusk Network, all Singapore-based projects involved with Security Tokens are build on private permissioned networks. Financial institutions need technology able to comply with privacy compliance (i.e. GDPR), and provide quick and final transactions. However, though improving efficiency and potentially bringing cost savings, implementing private permissioned networks does not solve existing barriers to entry. Here the Dusk Network Protocol can play a crucial role. With the cutting-edge public permission-less Dusk Protocol, it is able for regular market participants and service providers to take part in the APAC ecosystem.
“Considering the expedient approach in Singapore, and by talking first-hand with projects under the Ubin umbrella, I believe we can service the institutional APAC market through collaborations and tech integrations with the private networks that are already in place.” — Mels Dees (Marketing & Operations). As a public network, the Dusk Protocol uses zero-knowledge proofs to comply with privacy regulations.
Key takeaways trade mission Singapore
- Value creation is the driving force behind adoption of new technologies.
- We adopt the ‘eat your own dog food’ strategy, becoming an integrator of Dusk Network ourselves and working closely with partners to lead the value creation process.
- There is a clear path for Dusk Network in both the EU an APAC region.
About Dusk Network
Dusk Network is an open-source and privacy-oriented blockchain based on years of academic research. You can use Dusk Network to create smart contracts that control digital assets and securities.
Dusk Network advocates public permission-less blockchain protocol at PIB trade mission was originally published in Dusk Network on Medium, where people are continuing the conversation by highlighting and responding to this story.