The joint venture between SIX and SBI Group aims to build a regional liquidity hub for institutional digital assets in Singapore as part of global liquidity network
SIX’s building in Zürich, Switzerland. (Credit: SIX.)
SIX Digital Exchange (SIX) and SBI Digital Asset, a subsidiary of Japanese financial services firm SBI Group, have agreed to form a joint exchange venture in Singapore to drive digital asset liquidity.
Subject to regulatory approvals from the Monetary Authority of Singapore (MAS), the Singapore-based digital issuance platform, exchange, central securities depository (CSD) venue is expected to be live in 2022.
SDX chairman and SIX executive board member Thomas Zeeb said: “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.”
According to SIX and SBI, the new joint venture will directly tap into the growing demand for public and private institutional digital assets, including regulated digital asset securities and cryptocurrency assets.
The venture will sell directly to regulated institutional clients, using technologies from both companies, offering institutional-grade services such as issuing, listing, trading, CSD infrastructure and custody of digital assets and cryptocurrencies.
It will also leverage the networks of both SIX Digital Exchange in Switzerland and Europe and SBI in the Asian Marketplace, along with their joint expertise to cater to the needs of institutional clients.
SBI Holdings CEO and SBI Digital Asset Holdings chairman and director Yoshitaka Kitao said: “We are delighted to combine forces with SDX. This is an important step in building the necessary global infrastructure for widespread institutional adoption of digital assets.
“Together with SDX‘s strength in Switzerland and our planned digital exchange in Osaka, this venture will establish a powerful institutional corridor between Europe and Asia.”