On November 5, PANews reported that, according to official news, the pilot project jointly conducted by Swift, UBS Asset Management, and Chainlink has successfully concluded. The project utilized the Swift network for the settlement of subscription and redemption operations of tokenized funds. This pilot project covered over 11,500 financial institutions across more than 200 countries and regions, using fiat payment systems for the settlement of digital asset transactions. This pilot demonstrated how financial institutions can leverage blockchain technology, the Chainlink platform, and the Swift network to settle subscription and redemption operations for tokenized investment funds without needing to place the entire payment process on-chain, thereby achieving a streamlined payment experience. As a result, the entire process of fund subscription and redemption can be automated.
This pilot is based on a collaboration with UBS Asset Management and SBI Digital Markets, developing a digital subscription and redemption system for tokenized funds. Additionally, this pilot is part of the Monetary Authority of Singapore's Project Guardian. The pilot utilizes Swift's existing payment system to implement end-to-end payment functionality for the settlement process of fund subscriptions and redemptions. The new pilot conducted in collaboration with the Chainlink platform allows for seamless interactions between all relevant parties. As a result, UBS's tokenized investment funds can automatically mint or burn fund tokens for investors.
