[NEWS] Progma releases "Progmat SaaS" aiming to expand ST market size

On the 1st, Progmat announced that it has released "Progmat SaaS" as a SaaS version of the digital asset issuance and management platform "Progmat" in collaboration with NTT Data and SBI R3 Japan. It also started providing support services for the introduction of the product.

Progmat SaaS will enable a wide range of financial institutions to easily start digital asset-related businesses such as ledger management and custody. It will also enable a wide range of securities companies and intermediaries to complete investor private key management in-house without outsourcing it to a custodian.

This is expected to improve market efficiency and expand the scale by expanding the options for businesses and investors planning to issue STs (security tokens).

According to the announcement, while ST deals worth 270 billion yen have already been formed in Japan, Progmat has the top track record in Japan in terms of the number of deals handled and the network of securities companies using the service.

On the other hand, the packaged version of Progmat that has been used until now has certain barriers to entry, such as the need to build a blockchain/distributed ledger node on the company's own server or to pay a fee and have a third party act as an intermediary.

However, Progmat SaaS not only eliminates the hassle of building nodes, but also minimizes fees paid to third parties such as custodians, as the company completes the management of investors' private keys in-house.

▶ Difference between the packaged version and Progmat SaaS: Quoted from the press release

The infrastructure services that support Progmat SaaS are provided in collaboration with NTT Data. The company says that the collaboration with the company will provide the high quality, safety, and flexibility required for financial operations, enabling stable and continuous operation of applications.

In addition, Progmat SaaS will support "Corda5" as the connected blockchain/distributed ledger. This will be achieved through collaboration with SBI R3 Japan, and this will be the first time that it will be supported in Asia.

Corda5 maintains the design philosophy of the existing Corda while revamping the underlying system architecture in order to accommodate mission-critical system requirements such as central bank digital currencies (CBDCs), which central banks around the world are considering introducing.

Mitsubishi UFJ Trust and Banking Corporation, which is already using the packaged version of Progmat, plans to work with the securities companies that currently provide custody to migrate to Progmat SaaS simultaneously in February 2025.

Reference: Announcement
Image: Quote from the announcement

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