Hypernet Pte Ltd (OneHypernet) was awarded the Monetary Authority of Singapore’s Financial Sector Technology and Innovation (FSTI) Proof of Concept (POC) grant in 18-Aug-2020. The FSTI POC grant provides funding support for experimentation, development and dissemination of nascent innovative technologies in the financial services sector.
This POC by OneHypernet tackles long standing issues in cross-border payments. Cross-border payments are inherently inefficient because there is no standardised global system; banking agents operate on different platforms, regulations, and operational protocols. When a cross-border payment is initiated, the transaction and know-your-customer (KYC) data gets passed along in a bilateral chain of agents until it finds a connection to the intended recipient. This results in layers of fees, prolonged delivery, and a loss of privacy.
OneHypernet leverages on enterprise blockchain and confidential computing to create a decentralised multilateral netting ecosystem, allowing the aggregation of transactions from multiple parties while keeping data secure and private. Instead of searching through a chain of banking agents, the most efficient settlement routes are generated from all permutations, providing a complete view of the foreign exchange market.
The grant covers up to 70% of qualifying costs and up to a cap of S$400,000 and is eligible for MAS-regulated financial institutions or technology / solution providers working with MAS-regulated financial institutions for the early-stage development of novel solutions to problems in the financial industry.
For more information, please visit https://www.mas.gov.sg/development/fintech/mas-fsti-proof-of-concept-grant