Singapore-based Fintech STACS Raised $ 3.6 Million to Develop a Blockchain Platform

Singapore-based Fintech Hashstacs Pte Ltd (STACS) announced today that it has raised &36; 3.6 million in Series A funding, the company developing a blockchain platform that is compatible with existing infrastructure. Of financial institutions and core technology are also used in GreenSTACS for investment in the environment, society and governance (ESG) .This round is led by Wavemaker Partners, which focuses on enterprises and deep technology companies in Southeast Asia with a stake. Joining Tribe Accelerator, a Singapore government-funded blockchain startup, STACS joined Tribe last year with Project Ubin,

the blockchain-based เข้าเล่น slotxo multi-currency payment network initiative. Singapore Established in 2019, STACS is now able to raise more than &36; 6 million and is preparing to raise Series A funding later this year.The company's goal is to resolve the disruption in the technology systems used by financial institutions that could result in money. Equity is locked into the international clearing system, accumulation of transaction fees and non-paid trading fines. The core solution is STACS's blockchain-based technology group, allowing clients to integrate payment platforms (including Ubin),

trading platforms, and external software such as user management systems, while enabling smart contracts and separate accounts. Digital type STACS products include real-time trade processing platforms used by customers, such as Eastspring Investments and BNP Paribas Securities Service.Some of its other clients include Deutsche Bank, Bursa Malaysia, EFG Bank, and Bluecell Intelligence Benjamin Soh, co-founder and director. A STACS manager told TechCrunch that STACS is targeting a network of more than 30 institutions by the end of the year.

GreenSTACS was launched last month in partnership with Bluecell Intelligence to help companies certify and verify green and sustainability-related loans and bonds.
Soh said in an email that STACS received a large number of requests from financial institutions that it was necessary to carry out an impact investigation into the ESG program, but it was unable to do so effectively because. "Asymmetric data sources lack the typical data infrastructure, and the ESG's financial services are typically too inefficient.STACS's goal is to make GreenSTACS a "collective infrastructure" for ESG financing and impact monitoring, he added. The platform allows loan and bond parameters to be programmed into security tokens and connected to data sources such as IoT devices or satellite imagery to generate real-time impact reports in a distributed ledger.

This helps prevent “green washing,” a term meant to make something appear more environmentally friendly or sustainable than it really is.Essentially, this will give investors and banks confidence boost through green financing by ensuring that green money is used strictly in meeting green goals and policies. As promised, ”Soh said.In a press release, Wavemaker's general partner Gavin Lee said, “There is a tremendous opportunity to help financial institutions execute faster, more secure and more accurate high-volume trading operations while reducing costs and illiquid capital. As a provider of distributed ledger technology for enterprises,
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