US-based Northern Trust has partnered with NUS Computing and NUS AIDF for a series of blockchain-related research and industry development initiatives.
Specifically, the three entities will work on a series of initiatives that will support efforts to define the future of blockchain for institutional investors. Firstly, the three companies will pool their efforts for a joint research project on ‘Custody in the age of digital assets’, which will address various methods for maintaining possession and control of digital assets on third-party blockchains. The research will also analyse different ways for clients to achieve a real-time view of assets across digital and traditional markets.
The research is part of the Singapore Blockchain Innovation Programme (SBIP), which is a national-level partnership supported by NUS Computing to explore the institutional use of blockchain and the translation of new technology for the banking industry.
Northern Trust and NUS Computing will also enter into an agreement to offer a student in the Master of Digital Fintech program the opportunity to take part in an industry-linked internship. The internship will last for five months and will offer important insights into the market advocacy and digital development work that Northern Trust is conducting in the Asia-Pacific region.
Signing a memorandum of understanding (MoU) with the university-level institute NUS AIDF is also on the agenda. The MoU echoes Northern Trust’s commitment to growing the fintech ecosystem in Singapore. At the time of writing, Northern Trust is offering mentorship to a regtech startup incubated at AIDF named Insightic. The mentorship focuses on risk assessment for Web 3.0-based virtual asset service providers.
Northern Trust Corporation is a provider of wealth management, asset servicing, asset management and banking for corporations, institutions, affluent families, and individuals. The company was founded in Chicago in 1889, and it has established a presence in 25 US states and across 23 locations in the Middle East, the Asia-Pacific region, Canada, and Europe.
Regarding this recent partnership, representatives from Northern Trust issued a statement in the company press release in which they mentioned the evolving trend of the financial markets, a trend partially influenced by the rising adoption of technologies such as blockchain and artificial intelligence. They also mentioned their partnership with NUS and described it as an important step in their strategy to provide thought leadership and develop future leaders who will shape the industry.
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