Singapore’s Marketnode, a joint venture between the Singapore Exchange (SGX) and government-owned investment firm Temasek, said it plans to launch the blockchain-based FundNode in association with the Singapore Funds Industry Group (SFIG) in 2023.
The industry-wide solution aims to provide a centralized hub for asset managers to log transactions, process funds and for record keeping. Similar initiatives have been launched in other regions to cut the cost of fund administration and distribution and enable new business models. By having a golden record of transactions the solution can reduce or eliminate reconciliations between the participants involved in fund distribution.
Initially, the platform will target workflows for funds targeted at retail investors or Authorised Collective Investment Schemes. However, it plans to expand the range of fund types, support corporate actions, ESG labeling and integrate with international platforms.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
