The ADB said it is developing a prototype for cross-border securities transactions among the Association of Southeast Asian Nations , Japan, China, and Korea, known as ASEAN+3.
“As a result, intraregional transaction settlements in ASEAN+3 take at least 2 days, due to time differences as well as varying operating hours for markets within the same time zone,” the ADB said. Josef Diy Singson, a portfolio manager at Buhawi Investment Management, said the lowering of transaction costs and reduction of delays for cross-border transactions would make the Philippines “more engaged with our peers.”
Mr. Singson said the move would also support the Philippines’ reputation as it signals openness to adopting blockchain, which could result in more business activity and foreign investment in the space.
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