This release serves to correct the previous release with an incorrect dateline.
SINGAPORE / ACCESSWIRE / April 23, 2021 / Regulated assets like stocks, bonds, real estate, and other securities have been identified as targets for major disruption due to blockchain technology. Redundant manual processing, slow settlement times, illiquidity, and other inefficiencies plague current financial infrastructure. A recent analysis of eight major banks by Accenture found that $8bn would be saved on a $30bn annual cost basis if they used blockchain technology.
Given the cost-saving potential, why has the technology been slow to adopt by financial institutions? Regulatory and technological maturity have been primary reasons. As well as acceptance and trust in the emerging industry. But all of those factors are becoming less of a concern, paving the way for the next wave of explosive growth in the industry.
Regulators have become familiar with blockchain and developed compliance frameworks. Technology has caught up to enterprise standards. And public perception has largely accepted blockchain technology as a core component of our future, rather than a fringe group concept.
A Singapore-based company called Chintai believes their unique approach will ignite the impending transition to blockchain technology. Their product suite has been fine-tuned for more than two years and been informed by engagement with regulators globally.
Chintai describes their approach as a turnkey capital market solution for financial institutions to port existing assets to blockchain technology. Rather than having to coordinate numerous partners just to begin testing, they provide a "freemium" portal that enables prospective clients to rapidly get a taste of the efficiency gains of blockchain technology without paying anything upfront.
Primary, secondary, cap table management, compliance, custody, and settlement are all included and can be white-labeled. Everything is customizable to meet specific regulatory and operational requirements that financial institutions need. Their first use cases are for tokenization of real estate and funds, but their platform is generalized to accommodate virtually any asset class.
Chintai was co-founded by David Packham, a finance industry veteran with 20 years of experience. Having witnessed the inefficiencies from within, he describes the current financial industry as a "rotary phone" compared to what's possible with blockchain technology.
"I co-founded Chintai because financial infrastructure is inundated with unnecessary waste. The inefficiencies only benefit the incumbents and prevent smaller market participants from accessing financial opportunity in capital markets. So I kept asking myself, do I want to be a part of this system? Or do I want to do something about it? The answer was easy once I identified a team and path of execution." - David Packham.
The Chintai project has been in development for nearly three years. They are closing a round of funding in May and anticipate being licensed in Singapore to issue securities in 2021.
Chintai has a pilot program for their beta and selecting initial institutional clients. You can find out more about Chintai and their network token at Chintai.io.
Contact Info:
Chintai Network Services
Ryan Bethem
101B Telok Ayer Street #0302, Singapore 068574
SOURCE: CHINTAI