Barclays, BNY Mellon, HSBC among banks joining SGX’s digital asset JV

Marketnode announced its partnership with Barclays, BNP Paribas, BNY Mellon, Citi, Deutsche Bank, HSBC, Orient Securities International, Standard Chartered, Societe Generale and UOB, ahead of its upcoming product launches focused on digital issuance services, ESG bond data and digital asset depository infrastructure. These components will play a key role in the buildout of an end-to-end DLT-enabled fixed income infrastructure.

Marketnode is a Singapore Exchange (SGX) and Temasek digital asset joint venture. Beyond early adoption of its products, these ten partner institutions will work closely with Marketnode to accelerate usage of its platform, provide market input towards its product development, co-create DLT solutions and jointly explore product expansion beyond fixed income.

Marketnode’s fixed income issuer services platform is slated to launch in Q4 2021 and will provide issuers, law firms and banks with products and solutions such as documentation streamlining, investor engagement tools, ESG reporting and market access mechanisms, all powered by data analysis.

In addition to its existing strategic collaboration with Covalent Capital, Marketnode will also be partnering with RootAnt Global, a Singapore-based fintech, and SETL, a UK-based blockchain solution platform to build out its fixed income and multi-asset end-to-end infrastructure.

Since Marketnode’s partnership announcement with Covalent Capital in February this year, both parties have launched integrated offerings such as auto-ISIN generation and digital bond straight-through processing (STP). Marketnode will continue to ideate with partners and the industry to jointly create applications that bring greater efficiency to capital markets.

Lee Beng Hong, head of Fixed Income, Currencies and Commodities (FICC) at SGX, said in a statement: “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.”

Pradyumna Agrawal, managing director of Blockchain@Temasek, said in a statement: “[The participation of these banks onto the Marketnode platform] further validates the market for end-to-end infrastructure, and services for digital assets. Their contributions towards enhancing the platform’s offerings and capabilities will be invaluable. We look forward to welcoming more market participants as increased industry involvement will foster scale, robustness and spur greater capital markets infrastructure innovation.”

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