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STACS, EFG team up on blockchain platform for structured products
Project Nathan enables Swiss private bank to enhance and simplify processes
16 Oct 2020 | The Asset

Singapore financial technology company Hashstacs (STACS) has teamed up Swiss private bank EFG Bank to develop a blockchain platform aimed at enhancing and simplifying the processes of structured products.

Project Nathan – Smart Structured Products is using distributed ledger technology (DLT) to automate and manage the entire lifecycle of a structured product, STACS said in a statement. The platform consists of the underlying STACS blockchain and smart contracts, and a business application with an intuitive user interface.

On March 2 2020, the platform received the Monetary Authority of Singapore’s Financial Sector Technology and Innovation – Proof of Concept grant, which provides funding support for experimentation, development and dissemination of nascent innovative technologies in the financial services sector.

In the first phase of Project Nathan, STACS worked with EFG to remodel the workflows involved in a structured product transaction, facilitated the internal efficiencies between various EFG departments involved in such transactions, and looked at the use of smart contracts to automate aspects of trade inception and trade servicing.

STACS managing director Benjamin Soh says Project Nathan will proceed with further phases of commercialization and expand the digitalization initiatives to the wider industry.