Papua New Guinea Stock Exchange to implement XBourse blockchain for financial market

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PNGX Markets announced its intention to operate a depository and conduct exchange settlements in real time based on the XBourse blockchain.

Now settlements for transactions on the stock exchangePapua New Guinea PNGX Markets take almost three days to complete and use outdated technology systems that still rely on human operators and manual data entry. PNGX Chairman David Lawrence believes blockchain will help turbocharge Papua New Guinea's capital markets and enable instant exchange settlements.

“XBourse technology and smart contracts cangive a boost to the development of public and private capital markets in the Pacific region, and will also make it easier for local and international investors to invest directly in companies registered in Papua New Guinea,” Lawrence said.

Blockchain will be a key component of the newtrading platform and, in addition to settlement operations, will give PNGX the ability to maintain a share registry as a central securities depository. This will allow the exchange to act as a custodian of funds from international investors, as well as provide interaction 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.