SWIFT Joins With Major Banks, SGX To Trial Blockchain-Based E-Voting

The Society for Worldwide Interbank Financial Telecommunication or SWIFT is teaming with major financial institutions to conduct a proof-of-concept or PoC on shareholder e-Voting, using blockchain technology.

In a statement, SWIFT, a financial messaging network, said the PoC will be conducted in the Asia Pacific region. It will be done along with securities software provider SLIB, the Singapore Exchange as well as major banks including Deutsche Bank, DBS, HSBC and Standard Chartered Bank.

The PoC is expected to run during the first half of 2019. It will explore whether distributed ledger technology or DLT can be used to simplify the management of shareholder meetings and the associated voting processes. Proxy voting in particular often results in avoidable complexity and errors, it said.

SWIFT noted that it will facilitate the PoC in its DLT sandbox testing environment with Deutsche Bank, HSBC and Standard Chartered Bank joining as participants, while DBS and SGX join as both participants and issuers.

The test has four main goals, including the deployment of a voting solution in collaboration with the issuers and a Central Securities Depository where the data is stored and managed on a permissioned private blockchain.

The participants will reuse the SWIFT network and their existing SWIFT infrastructure and interfaces to access, test and validate the applicability of DLT.

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