SBI and SIX joint venture AsiaNext lists USD MMF and launches digital collateral solution

AsiaNext, a joint venture between SBI and SIX, launched its first security this month, a US dollar-denominated money market fund (MMF), and introduced a digital collateral solution. AsiaNext first launched crypto derivatives earlier this year, which do not require a license in Singapore. This is the first of three trading products. The company holds a Singapore capital markets license and an approved market operator (RMO) license, allowing it to operate an exchange. The locally issued USD MMF is the first listed security (not a tokenized security). The company is working with asset management companies to list other funds, including Valour, a multinational cryptocurrency ETP issuer with assets under management of $900 million. AsiaNext also plans to establish a third spot cryptocurrency exchange and has applied for a major payment institution license. Meanwhile, the company has launched the AsiaNext Business Process Layer (AXOL), which integrates the business processes of three trading venues.