Receive all Cointelegraph news immediately in Telegram.
Malta’s MSE has created a blockchain committee to begin Blockchain research in Malta’s financial sector.
The Malta Stock Exchange has recently established a Blockchain committee to begin research and development into the Blockchain technology, of which is currently being researched and modified by numerous banks around the world in order to fit their banking needs.
MSE’s committee will be run by MSE board members, Blockchain experts and its Chairman, Joseph Portelli, as well as stakeholders who are familiar with Blockchain. MSE Director Dr. Abdalla Kablan will assume the role as chair of the committee and will be bringing his expertise as an “entrepreneur and academic specializing in machine intelligence, big data, analytics and computational finance.”
“Malta and the MSE are quite fortunate to have at our disposal our country’s preeminent technologist and a globally recognized expert on Blockchain technology. Dr. Kablan has a proven track record within the technology space, evidenced by his latest startup Hippo Data, the first Maltese company to ever be selected into the London Microsoft Accelerator Program.”
The consortium will be sharing knowledge and establishing connections or joint-ventures with each other to assist FinTech companies working on the Blockchain technology, to grow by supporting them in designing and implementing Blockchain applications.
Portelli adds that: “With Dr. Kablan’s expertise and the Malta Stock Exchange’s leadership it is hoped the groundwork will be laid for Malta’s and the MSE’s first Blockchain application.”
With this consortium, the Malta Stock Exchange could be planning its first Blockchain application. It is very likely their first application on Blockchain will replace standard stock exchange platforms, similar to Myanmar’s YSX plans.
From Singapore to Russia, countries are continuing to put resources into researching Blockchain technology with the hope of secure transactions and cost-effective networks. Banks are the main entities looking into Blockchain, however stock exchanges all over the world are now discovering the benefits of decentralized ledgers for trade requests.
Scotland’s SCOTEX and Australia’s ASX are also building up their Blockchain expert rosters and using Blockchain to replace their traditional systems, giving them speedy trades and saving a lot of time with record-keeping
“Almost all the major global stock exchanges have begun to explore applications for this exciting technology which, it has been estimated, could save the financial industry over $100 bln annually in back office costs,” MSE writes.
Recently, several companies out of the 70 that make up R3 CEV, including Goldman Sachs and Banco Santander, left the Blockchain consortium. Some say that it is due to the companies backing down on R3 for limited Blockchain markets while others say the R3’s power balance was not fair to Goldman.
On the other hand, MSE’s Blockchain committee focuses more on Malta’s Blockchain interests, which would most likely concern the exchange of securities rather than Blockchain in general. This means that it focuses on one sole use-case rather than R3’s general Blockchain focus, making it more attractive to financial institutions and companies that are working in the same area.
The biggest problem with the MSE is that, currently, it does not have R3’s global recognition, which puts it at a disadvantage as it tries to spark a Maltese FinTech revolution.
Follow us on Facebook
For updates and exclusive offers, enter your e-mail below.
One fine body…
Thank you for contacting us! We will reply to you as soon as possible.
Thank you for your interest in our franchise program.
We are considering your request and will contact you in due course. If you have any further queries, please contact:
Reset letter sent.
Please checkout your mailbox for password reset details