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

AsiaNext, a joint venture between SBI and SIX, listed its first security this month, a USD money market fund (MMF), and launched 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 products to be traded. The company holds a Singapore capital markets license and a recognized 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 managers to list other funds, including Valour, a multinational cryptocurrency ETP issuer with $900 million in assets under management. AsiaNext also plans to establish a third spot cryptocurrency trading venue and has applied for a major payment institution license. At the same time, the company launched the AsiaNext business process layer (AXOL) that integrates the three trading venues.