PANews reported on November 5 that according to official news, the pilot project jointly conducted by Swift, UBS Asset Management and Chainlink has been successfully concluded. The project uses the Swift network to settle subscription and redemption operations for tokenized funds. The pilot project covers more than 11,500 financial institutions and more than 200 countries and regions, using the legal currency payment system to settle digital asset transactions. This pilot demonstrates how financial institutions can use blockchain technology, the Chainlink platform and the Swift network to settle subscription and redemption operations for tokenized investment funds, without putting the entire payment process on the chain, to achieve a straight-through payment experience. Therefore, the entire process of fund subscription and redemption can be automated.
The pilot builds on a collaboration with UBS Asset Management and SBI Digital Markets to develop a digital subscription and redemption system for tokenized funds. It is also part of Project Guardian , a program of the Monetary Authority of Singapore . The pilot used Swift’s existing payment system to enable end-to-end payment capabilities for the settlement process of fund subscriptions and redemptions. The new pilot with the Chainlink platform allows for smooth interaction between the various parties involved. As a result, UBS’s tokenized investment fund can automatically mint or destroy fund tokens for investors.
