SGX and Temasek JV Marketnode announces banking partners ahead of product launches

Signage at the SGX building on Shenton Way in Singapore; taken October 2018.Signage at the SGX building on Shenton Way in Singapore; taken October 2018.

Marketnode, a joint venture between Singapore Exchange and Temasek Holdings, has announced partnerships with 10 banks ahead of product launches in digital issuance services, ESG bond data and digital asset depository infrastructure, SGX said in a filing Monday.

The banks partnering with Marketnode are Barclays, BNP Paribas, BNY Mellon, Citi, Deutsche Bank, HSBC, Orient Securities International, Standard Chartered, Societe Generale and UOB, the filing said.

“Beyond early adoption of Marketnode’s 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,” SGX said.

Pradyumna Agrawal, managing director of blockchain at Temasek, said the participation of the banks validates the market for 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,” Agrawal said in the statement.

The fixed income issuer services platform, set to launch in the fourth quarter, will provide issuers, law firms and banks with services such as documentation streamlining, investor engagement tools, ESG reporting and market access mechanisms, the filing said.

Marketnode will also be working with Singapore-based fintech RootAnt Global and U.K.-based blockchain service platform SETL to build out its fixed income and multi-asset infrastructure, the filing said.

That follows a partnership with Covalent Capital, announced in February, which resulted in launching integrated offerings such as auto-ISIN generation and digital bond straight-through processing, the filing said.