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Marketnode, a joint venture to issue fixed income digital assets from Singapore stock exchange (SGX) and the country’s investment company Temasek, announced partnerships with 10 of the largest banks in the world. The institutions will collaborate in building the platform, in addition to helping to expand its use beyond fixed income, according to SGX.
The institutions are Barclays, BNP Paribas, BNY Mellon, Citi, Deutsche Bank, HSBC, Orient Securities International, Standard Chartered, Societe Generale and United Oversees Bank (UOB, Singapore).
Marketnode will launch digital asset issuance services, ESG bond support and digital asset deposit infrastructure. It is expected to be launched in the last quarter of the year.
It will be an end-to-end distributed registration platform (DLT) for fixed income. Services include, for example, simplification of documentation processes, ESG reporting and market access mechanisms.
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“We continue to embrace the paradigm shift that the financial industry is undergoing with the emergence of new technologies,” said Lee Beng Hong, leader of fixed income, currencies and commodities at SGX.
And he said that partnerships with both banks and technology companies help create network effects and scalability for various assets. There are already partnerships with Covalent Capital, Singapore fintech RootAnt Global and the British blockchain platform SETL.