Technology

SWIFT launches DLT e-voting proof-of-concept

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SWIFT is conducting the proof-of-concept (PoC) with leading securities software provider SLIB and the Singapore Exchange (SGX), along with Deutsche Bank, DBS as well as HSBC and Standard Chartered Bank.

Sunday 10, March 2019 BY KUDAKWASHE MUZORIWA

SWIFT has announced that it has a PoC on e-voting, using distributed ledger technology (DLT) to provide more efficient and transparent management of the proxy voting process for shareholder meetings.

In a statement, SWIFT stated 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 PoC will explore whether DLT can help simplify the currently inefficient management of shareholder meetings and the associated voting processes that are often time-consuming and resource intensive.

Onur Ozan, the Head of Middle East, North Africa and Turkey at SWIFT, said, “The e-voting PoC is a great example of advanced problem solving and of what SWIFT does best in helping the financial community to adapt to a rapidly changing landscape.”

The PoC will run during the first half of 2019 and it is designed to test the deployment of a voting solution in collaboration with issuers and a Central Securities Depository (CSD), where the information is stored and managed on a permissioned private blockchain.

Additionally, the PoC is designed to test SWIFT’s capacity to host third-party applications in its sandbox and reuse its security and interface stack.

Shareholder voice in corporate decision-making is stifled by the existing paper-based voting process, technology is the solution to enhancing shareholder say, added Tony Lewis, the Head of Securities Services, HSBC.

 

TAGS : SWIFT, HSBC, Deutsche Bank, distributed ledger technology, proof of concept, DLT, PoC

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