Swiss’ SIX and SBI Digital Asset Holdings Plan for Singapore’s Digital Asset Exchangeby Fintech News Singapore December 8, 2020
SIX Digital Exchange, a Swiss-based end-to-end platform for digital assets, and SBI Digital Asset Holdings (SBI) announced plans for a digital asset exchange based in Singapore set to go live by 2022.
The contemplated venture is set to formalise Singapore operations in 2021, with ambitions to launch into market with active offerings by 2022 or earlier, with international connectivity to respective Swiss, Japanese businesses and other partnerships to follow. This is subject to regulatory approvals from the Monetary Authority of Singapore.
The venture will market directly to regulated institutional clients, utilising technologies from both companies to provide institutional grade services including issuing, listing, trading, CSD infrastructure and custody of digital assets and cryptocurrencies.
It will leverage the extensive networks of SIX Digital Exchange in Switzerland and Europe, and SBI in the Asian Marketplace, as well as their joint expertise in facilitating Institutional clients’ needs.
As cryptocurrency transaction volumes grow with continued adoption by institutional money, regulated digital securities markets have been growing behind the scenes.
This includes newly introduced assets into the market that are defined by on-ledger tokenised securities such as digital bonds, digital equities and digital securitised loans. This new shift in market dynamics aims to be the focus of the proposed Singapore-based venture that target these core markets rather than retail and pure-cryptocurrency plays.
According to Thomas Zeeb, Chairman SDX and Member Executive Board, SIX:
“SBI Group is a natural partner for SIX given their strong position in Asia and their significant commitment to growing institutional digital asset markets. As the operator of financial market infrastructure in both Switzerland and Spain, SIX has significant experience in delivering trusted and secure capabilities to institutional capital markets and we look forward to bringing the best of SIX to our partnership with SBI in Asia, which we see as a strategically important region for growth.”
Fernando Vazquez Cao, CEO of SBI Digital Asset Holdings said,
“Our mission at SBI Digital Asset Holdings is to deliver trusted solutions and services for the digital economy and make digital solutions accessible to the world. SIX Digital Exchange, with its significant footprint in Switzerland and Europe working in a regulated environment, is a key partner to join forces with and help us deliver on our vision of a global digital asset ecosystem for the institutional market.”
Featured image: SIX Group