Blockchain for Banking Capital markets News

BNPP, Citi, HSBC, StanChart partner with Marketnode for blockchain bonds

fixed income bonds

Today Marketnode, the digital asset joint venture between the Singapore Exchange (SGX) and Temasek, announced it is partnering with ten major banks for the Q4 2021 launch of its enterprise blockchain fixed income solution. The banks include Barclays, BNP Paribas, BNY Mellon, Citi, Deutsche Bank, HSBC, Orient Securities International, Standard Chartered, Societe Generale and UOB.

At launch, the solution will focus on fixed income digital issuance, including streamlining documentation, as well as ESG bond reporting and a depositary infrastructure.

In September last year, HSBC worked with the platform to issue a S$400 million ($295m) 5.5-year syndicated public bond for agribusiness Olam.

“By collaborating with banking and technology partners, we are creating network effects and building scale and capability that can be applied cross-assets within a single platform, for the benefit of banks, issuers and investors,” said Lee Beng Hong, Head of Fixed Income, Currencies and Commodities (FICC), SGX

The expanded group of banks will be early adopters, providing feedback but there are also plans to co-create DLT solutions. These include exploring expansion beyond fixed income, and some of the new technology partners might point towards the direction.

Marketnode previously announced it was working with Covalent Capital but has expanded its technology partners to include Singapore’s RootAnt Global and UK-based SETL. Japan’s SBI has a 48% ownership of Rootant, which has a blockchain supply chain finance solution that uses R3’s enterprise blockchain Corda. SETL has a broad range of expertise but is best known for a developing fund distribution platform IZNES, the central depositary for commercial paper ID2S, and payment solutions. 

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