Propine, a Singapore-based startup that offers digital securities services to institutions, has just been approved to launch a digital securities custodian under Singapore’s experimental Sandbox program.
As a digital securities custodian, Propine will be responsible for securely storing assets from both public and private blockchains, in addition to fiat and real-world assets. The solution is designed to give institutions a way to securely store their assets and avoid the hacks, thefts, and other issues that are rife in the industry.
The Sandbox program is a way for Singapore to nurture and accelerate the development of innovative fintech startups, while helping the Monetary Authority of Singapore (MAS) better identify the risks and challenges associated with regulating such businesses in the future.
The project is currently the second blockchain project to be operating within the sandbox, and is the third known project to be included in the sandbox. The MAS also operates a type of accelerated sandbox trial with its Sandbox Express program. Like the full sandbox, the Sandbox Express also has an approved blockchain project known as BondBlox—as BeInCrypto reported Thursday.
“The Fintech Regulatory Sandbox is a great initiative by the Monetary Authority of Singapore to foster innovation in the fintech space. When strong economic regimes like Singapore support the growth of innovative solutions such as ours, its a credible signal to the financial sector that blockchain has a serious role to play in building capital markets of future,” said Tuhina Singh, the chief executive officer and co-founder of Propine.
Propine will begin its Sandbox period Friday, November 08, 2019. It will have as long as nine months to address any challenges and obstacles encountered while working within the confines of the sandbox. As part of the conditions of the sandbox, Propine will only be allowed to work with accredited partners until August 07, 2020. Following this date, the project will either graduate and its capital markets services license will continue, or its license will no longer be applicable.
Images courtesy of Shutterstock.
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