PNGX Markets announced its intention to provide a depository and real-time exchange settlement based on the XBourse blockchain.
Now, PNGX Markets Papua New Guinea Stock Exchange trades take almost three days to settle and use outdated technology systems that still rely on operators and manual data entry. PNGX Chairman David Lawrence believes blockchain will help turbocharge Papua New Guinea’s capital markets and enable instant settlement on the exchange.
“XBourse technology and smart contracts can kick-start the development of public and private capital markets in the Pacific region, as well as make it easier for local and international investors to directly invest in companies listed in Papua New Guinea,” Lawrence said.
Blockchain will be a key component of the new trading platform and, in addition to settlement, will give PNGX the ability to maintain a share register as a central securities depository. This will allow the exchange to act as a custodian of funds from international investors, as well as provide synergies with the Bank of Papua New Guinea and the Investment Promotion Authority.
Recall that in June, the Nigerian stock exchange NGX notified the community of plans to integrate blockchain into operational processes by 2023.
Source: Bits
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