SGX’s Marketnode Announces 10 Partner Banks Ahead of DLT-Powered Fixed Income Platform

Marketnode has partnered with Barclays, BNP Paribas, BNY Mellon, Citi, Deutsche Bank, HSBC, Orient Securities International, Standard Chartered, Societe Generale and UOB.

The announcement made by the digital asset joint venture of Singapore Exchange (SGX) and Temasek comes ahead of the launch of its product focused on digital issuance services, ESG bond data, and digital asset depository infrastructure.

Marketnode is launching its services as it builds out an end-to-end DLT-enabled fixed income infrastructure with input from the the abovementioned ten partner institutions, which will help accelerate usage of the platform, co-create DLT solutions and jointly explore product expansion beyond fixed income.

The platform is expected to launch in Q4 2021 and its products and solutions target issuers, law firms, and banks in need of documentation streamlining, investor engagement tools, ESG reporting and market access mechanisms, all powered by data analysis.

Marketnode is also 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, besides the existing strategic collaboration with Covalent Capital,

Covalent Capital and Marketnode have together launched integrated offerings such as auto-ISIN generation and digital bond straight-through processing (STP).

Lee Beng Hong, Head of Fixed Income, Currencies and Commodities (FICC), SGX, said: “We continue to embrace the paradigm shift that the financial industry is undergoing with the emergence of new technologies. 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. We welcome all market participants to join Marketnode in playing a role to accelerate the digital transformation of capital markets.”

Pradyumna Agrawal, Managing Director, [email protected], commented: “The participation of these banks onto the Marketnode platform is a significant milestone. It 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.”

SGX is one of Asia’s favorite debt listing venues and is at the forefront of enhancing efficiency to the entire issuance process. With the increase in prominence and size of Asian bond markets, this requires a forward-thinking approach towards supporting infrastructure.

Smart Contracts & Distributed Ledger Technology (DLT) can enable financial market infrastructure for an end-to-end issuance, depository, and asset servicing platform for Asian bonds.