XBourse & PNGX ink MoU to expedite capital markets of Pacific Islands

PNGX Markets Limited, the national stock exchange of Papua New Guinea, and XBourse Australia, a leading tech services company, have reportedly inked an MoU (memorandum of understanding).

This MoU will enable the capital market acceleration of the Pacific Islands using blockchain technology. The cooperative arrangements aim at promoting market liquidity, attracting investment enhancing capital market efficiency, and reducing market risk across the Pacific Islands region.

As part of the MoU, XBourse, PNGX, and PCMD (Pacific Capital Markets Development) will collaborate to analyze the phased development of advanced digital market infrastructure services like:

  • Central securities registries and depositories
  • Multi-currency registration and post-trade settlement solutions for private and public markets including bonds, equities, and climate instruments
  • Custodial services for global investors
  • Integrated regulatory and commercial solutions for SMEs
  • Pension registry solutions

The agreement intends to integrate the tech platforms with central bank payment systems. The cooperation between the two entities will initially focus on Papua New Guinea before venturing into opportunities across other Pacific countries.

PNGX Chairman and PCMD Director David Lawrence has expressed that the blockchain technology and smart contracts of XBourse can boost the private and public capital markets in the Pacific region. The concepts being developed would present real opportunities for the island nation.

Lawrence added that XBourse has collaborated with globally renowned tech partners in recent years to develop a range of innovative and integrated digital solutions and market platforms that can be deployed readily across all markets.

On the other hand, XBourse Founder and CEO Tony Mackay commented that the company is working with PNGX to find ways to implement XBourse’s technology solutions in the Papua New Guinea market.

Blockchain and digitalization offer the opportunity for all kinds of markets to gain easy and effective capital access. The new market infrastructure can limit regulatory and operational risk for all operators and participants.

Source credit: https://mondovisione.com/media-and-resources/news/pngx-markets-and-xbourse-australia-sign-mou-for-use-of-blockchain-technology-to/

By Shreya Bhute

With corporate exposure in software and marketing, Shreya was always intrigued by content development. Having pursued her graduation in I.T. engineering, she works as a content writer for people.partilepep.com and jots down news articles across distinct domains including technology, business and healthcare.