Tag: international

The post DBS and J. P. Morgan’s Kinexys develop interoperability framework for tokenized deposits appeared com. Today, Singapore’s DBS Bank and Kinexys, a J. P. Morgan company, have collaborated to create an interoperability framework that facilitates tokenized value transfers between their respective on-chain ecosystems. According to the press release, the framework seeks to establish a new industry standard for the real-time, international settlement of tokenized deposits in both public and permissioned blockchains. The framework, which is still under development, will enable transactions between clients of Kinexys Digital Payments and DBS Token Services on both public and permissioned blockchain networks. According to the framework, on the public base blockchain, a JP Morgan institutional client would use JP Morgan Deposit Tokens (JPMD) to pay a DBS client. Additionally, after receiving the JPMD tokens, the DBS client would have the option to convert them into DBS tokens or redeem them for fiat money. According to DBS, the goal is to build a framework that others can use. Notably, the framework is designed to work across different blockchain environments. DBS and Kinexys unite to boost interoperability framework Rachel Chew, Group Chief Operating Officer and Head of Digital Currencies, Global Transaction Services, DBS Bank, said that businesses can navigate global risks and seize new opportunities with the optionality, agility, and speed that instant 24/7 payments offer. Chew claimed that interoperability is still essential to minimizing fragmentation. She added that interoperability guarantees the safe cross-border transfer of the full value as the digital asset ecosystem expands. “Our collaboration with Kinexys by J. P. Morgan to develop an interoperability framework is therefore a significant milestone for cross-border money movement, with the potential to pave the way for future partnerships.” -Rachel Chew, Group Chief Operating Officer and Head of Digital Currencies, Global Transaction Services, DBS Bank. Naveen Mallela, global co-head of Kinexys, stated that collaborating with DBS on the project is a clear example of how.