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Hong Kong Exchanges and Clearing Limited (HKEX) introduced on October 4 a novel platform referred to as “Synapse.” Designed to streamline post-trade processes, this platform will deploy good contracts within the DAML programming language. The major purpose of Synapse is to reinforce operational efficiencies within the bustling world of equities settlement.

Read Also: CMCC Global Raises $100 Million for Crypto Fund in Hong Kong

HKEX Partners with DTCC for Synapse

Synapse is about to search out its place in Stock Connect, an avenue created by HKEX. This channel serves worldwide buyers by giving them entry to over 1,000 Mainland Chinese shares through Hong Kong. Moreover, it’s value noting that the common every day turnover of Northbound Stock Connect rose by 5% within the first half of 2023. Significantly, this marks a 50% enhance from 2020 ranges, showcasing the rising traction of Stock Connect.

Additionally, HKEX has forged a new link with Hong Kong’s Depository Trust & Clearing Corporation (DTCC). This connection involves life by the Institutional Trade Processing (ITP) service. Hence, central matching of cross-border transactions turns into a actuality. The system mechanically generates settlement directions. The Synapse platform then receives these, refining the commerce affirmation workflow.

JPEX Scandal Questions Web3 Domain Safety

However, there’s extra to Hong Kong’s digital transformation, below the discreet approval of China’s central administration, Hong Kong is carving a distinct segment within the Web3 area. Recent occasions embody the inexperienced gentle for retail buying and selling on licensed crypto exchanges in August. Yet, not all developments have been constructive because the metropolis witnessed its largest Ponzi scheme, involving the JPEX crypto alternate. An alarming $166 million of consumer funds have been reportedly embezzled, and investigations proceed.

Read Also: Crypto Winter Fails to Freeze Hong Kong’s OTC Market, Chainalysis Says

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Maxwell is a crypto-economic analyst and Blockchain fanatic, obsessed with serving to folks perceive the potential of decentralized know-how. I write extensively on matters equivalent to blockchain, cryptocurrency, tokens, and extra for many publications. My purpose is to unfold data about this revolutionary know-how and its implications for financial freedom and social good.

The offered content material might embody the private opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any duty for your private monetary loss.