In December 2020, SBI set up a new subsidiary SBI Digital Markets. Based in Singapore, the company will target institutions to help with issuing bonds, stocks and alternative assets as security tokens in Southeast Asia, subject to regulatory approval. The news is that Siam Commercial Bank’s venture arm, SCB 10X, has invested in the company.
In Japan, organizations tend to be more open about the proportion of shares owned, but details were not disclosed in this case. SBI Digital Markets has a capitalization of 1.9 billion ($16.6m) and is an SBI Digital Asset Holdings subsidiary.
This isn’t the first time SCB and SBI have collaborated. Back in 2017, the two organizations worked together using RippleNet for cross border payments. Earlier this month, digital asset bank Sygnum announced a $90 million investment round in which both SBI and SCB 10X participated.
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