EVCC

E-VCC Report

InvestaX, UBS, State Street, CMS, Tezos and PwC Singapore jointly completed the first tokenization of Singapore's Variable Capital Companies (VCC) fund structures, funded by the Monetary Authority of Singapore (MAS).
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Project eVCC Overview

In January 2020, the Monetary Authority of Singapore (MAS) and the Accounting and Corporate Regulatory Authority (ACRA) introduced the Variable Capital Company (VCC) structure, a game-changer for attracting investment funds. The VCC is a new corporate entity structure under which multiple funds or collective investment schemes (whether open-end or closed-end) may be gathered under the umbrella of a single corporate entity and yet remain ring-fenced from each other.

InvestaX had the honor to be awarded the PoC grant to implement the first tokenization of the VCC fund structure. Collaborating with industry giants, including UBS, StateStreet, CMS, PWC, and the Tezos Foundation, we launched the first-ever e-VCC project funded by MAS, exploring the tokenization of Singapore VCC to revolutionize investment funds.

Key outcomes of the e-VCC project include:

Establishing lifecycle and workflow processes to enhance efficiencies for stakeholders (fund managers, fund administrators, and investors) using an e-VCC.

Identifying key considerations for the potential tradability of e-VCC securities on platforms like InvestaX.

Exploring the issuance of VCC fund shares directly on public or private blockchains.

Comparing the benefits of a blockchain-native security token design (one-tier) versus a tokenized security design (two-tier).

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Real-world asset (RWA) tokens are digital representations of real-world assets like equity or debt in real estate and private equity. Utilizing blockchain and smart contracts, they revolutionize investments by enhancing transparency, security, and efficiency. This innovation simplifies financial transactions and expands the range of financial instruments and structures.

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