One of the prominent exchanges in Singapore known as Singapore Exchange (SGX) has made a promising announcement for the crypto-users. The exchange has announced that it is collaborating with Temasek so it can use the DLT service.
Together, both firms are aiming to streamline the trading and issuance of financial products that are currently listed on their platform.
On January 22, 2021, Nikki Asia released a report laying out the plan it is going to follow for streamlining the trading platform. For the initial phase, it will be considering funds, sustainable financial products, and bonds. Apart from this, the firms may also consider streamlining assets such as equities in the future.
This is not the first time that Singapore Exchange (SGX) has collaborated with Temasek. In the past, the SGX collaborated with Temasek along with the banking giant HSBC. With the joint collaboration, firms tried issuing fixed income securities with the help of blockchain technology.
The firms were able to gather results for the first trials by the end of September 2020. The firms managed to gather very high acceptance and adoption rate with respect to the fixed income securities. They firms confirmed that they were able to generate $300 million from the bond issuance for Olam International. Olam International is a prominent company in Singapore, which is popular in the local food and agribusiness sector.
Later on, the firms went onto introducing more products that were categorized as fixed income bonds that were issued through the system. The issuance of these bonds was valued at a total of $750 million.
As per many economic analysts, the companies have worked on numerous ventures and have always gained success. This shows that the teams at both the firms are well-knowledgeable and fully bonded with each other. They are able to make the best use out of each-other’s abilities, skills, and capabilities to achieve new milestones.
With the latest announcement, the companies have revealed that they will be forming a new limited company. With the formation of the new company, both firms will be able to contribute more into each other’s projects and share their experience to expand and extend the services.
The head of fixed income, Lee Beng at the Singapore Exchange also commented on the recent collaboration. Beng stated that they are always delighted and looking forward to working with Temasek at any level.
He stated that over the course of time, SGX and Temasek have become close partners and become a big family. Both firms have learned a lot from each other and have achieved numerous milestones through their partnership. He stated that with the new partnership, they will be able to make a huge difference in the cryptocurrency trading sector.