Singapore fintech OneHypernet partners with R3 for settlements solution

Singapore-based fintech platform OneHypernet announced a partnership with R3, an enterprise software firm, to build a decentralized multilateral netting solution.

Amit Ghosh, head of Asia Pacific at R3/ Photo credit: R3

The solution will leverage Corda, R3’s flagship enterprise blockchain platform, and Conclave, the company’s confidential computing service that secures sensitive business data while it is being used.

Instead of looking for settlement routes through a chain of banking agents, the netting solution pools transactions from multiple parties and generates settlement routes from all arrangements to provide a complete view of the foreign exchange market.

When a cross-border payment is initiated, the transaction and know-your-customer data gets passed along a chain of agents until it finds a connection to the recipient. This results in layers of fees, prolonged delivery, and a loss of privacy, according to the statement. R3 said that Conclave will allow OneHypernet to code tamper-resistant applications, ensuring data transparency and security.

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In August 2020, OneHypernet was awarded 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 technology in the financial services sector.