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Swift, UBS Asset Management, and Chainlink have successfully piloted a tokenized fund settlement program under Singapore's Project Guardian, enhancing market efficiency by integrating blockchain with existing fiat payment systems. This initiative aims to streamline fund transactions, reducing manual processes and improving liquidity in the $63 trillion mutual fund market. Despite promising results, industry-wide adoption remains a challenge, as highlighted by the Monetary Authority of Singapore.
Swift, UBS Asset Management, and Chainlink have successfully piloted a blockchain-based solution to automate tokenized fund subscriptions and redemptions, aiming to enhance efficiency in the $63 trillion global mutual fund market. This initiative, part of Singapore's MAS Project Guardian, integrates digital assets with traditional fiat systems, addressing long-standing inefficiencies in fund operations. The collaboration showcases how financial institutions can leverage blockchain technology for seamless transactions and improved liquidity.
Swift, UBS Asset Management, and Chainlink have completed a pilot to settle tokenized fund subscriptions and redemptions using the Swift network, enhancing efficiency in traditional fund operations. This initiative allows digital asset transactions to integrate with fiat payment systems across over 11,500 financial institutions globally. By leveraging blockchain technology, the pilot aims to automate the fund lifecycle, supporting the broader adoption of digital assets while aligning with MAS’ Project Guardian for improved market liquidity.
UBS Asset Management, SWIFT, and Chainlink have successfully completed a pilot project for settling tokenized fund subscriptions and redemptions, integrating digital asset transactions with traditional fiat systems. This initiative, part of Singapore's MAS Project Guardian, aims to address inefficiencies in fund processing, enhancing liquidity and reducing operational costs. Chainlink's technology facilitated the automatic minting and burning of fund tokens, signaling a potential shift in how financial institutions manage digital asset transactions.
Chainlink, UBS Asset Management, and Swift have successfully completed a pilot project aimed at extracting liquidity from tokenized funds. This initiative highlights the growing collaboration between traditional finance and blockchain technology, paving the way for innovative financial solutions.
Yuan usage in global payments saw a record decline in September, dropping to 3.6% of transactions, a decrease of 1.1 percentage points from August. This follows a peak of 4.7% in July, highlighting a significant shift in the currency's market share.
The EU has imposed extensive sanctions on Russia, including a ban on the Central Bank's transactions and the use of the Financial Message Transfer System (FMTS), severely restricting access to foreign reserves and euro-denominated cash. As a result, over half of Russia's international reserves are estimated to be frozen, impacting its economy and financial stability. Similar restrictions apply to Belarus, further isolating both nations from global financial systems.
At the Brics summit in Kazan, leaders from diverse nations, including autocrats, gathered to promote a "fairer" world order, yet produced a final declaration filled with vague promises and no concrete actions, particularly regarding Russia's war in Ukraine. Despite the lack of progress on key issues like de-dollarization and a new payment system, Putin celebrated the event as a propaganda success, with the UN Secretary-General participating without reproach. The summit's rhetoric highlighted a desire for a multipolar world while ignoring the democratic failures of its leaders.
Russian President Vladimir Putin is hosting a Brics summit in Kazan, where discussions will include the ongoing war in Ukraine, with significant attendance from global leaders, including Chinese President Xi Jinping. While Western nations continue to pledge military aid to Ukraine, Brics members largely refrain from condemning Russia's actions, with some, like Iran, actively supporting Moscow. Ukrainian President Zelensky urges his troops to maintain their positions in the Kursk region, emphasizing the strategic importance of their operations.
India and Myanmar are advancing discussions on a local currency trade settlement mechanism using the Rupee and Kyat to enhance bilateral trade. Key challenges include addressing non-tariff barriers, improving trade financing, and overcoming infrastructural deficits, while the success of this initiative hinges on achieving balanced trade and formalizing existing practices. The mechanism aims to lower transaction costs and settlement times, fostering deeper economic ties in line with India's "Act East" policy.
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