The Singapore Exchange (SGX) and state-backed investment fund Temasek announced the creation of a joint venture to address the digital assets space. The solution will leverage blockchain, tokenization and smart contracts for workflows, initially addressing the high friction bond market sector. Funds and emerging asset classes such as sustainable finance are also on the cards.
The platform is already far advanced and was used in August last year to issue a S$400 million ($301m) bond for agribusiness Olam with HSBC providing on-chain settlement. This was one of four issuances that have totaled more than S$1 billion ($753m).
“Together, we will capitalise on digitalisation trends that continue to shape global capital markets, and advance the development of capital markets infrastructure in Asia,” said Lee Beng Hong, Senior Managing Director, SGX.
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