It has been reported that at the Singapore Fintech Festival, the firms’ digital asset-related subsidiaries, SIX Digital Exchange and SBI Digital Asset Holdings, announced that they are launching a new platform in Singapore.
However, the venture will target regulated institutional clients by implementing technologies and market expertise from both SBI and SIX.
Major global financial institutions @sixgroup and @sbigroup aim to launch a joint crypto venture in Singapore by 2022 https://t.co/e2SVLnMxIK — Cointelegraph (@Cointelegraph) December 8, 2020
The platform will include a wide range of services like issuing, listing, trading, CSD infrastructure, and custody of digital assets and cryptocurrencies, as well as regulated digital asset securities.
Also, the platform is expected to launch by 2022, subject to regulatory approval by the Monetary Authority of Singapore, the city-state’s main financial regulator, and de facto central bank.
Yoshitaka Kitao, the CEO of SBI Group and chairman of SBI Digital Asset Holdings, said that the new venture is expected to “establish a powerful institutional corridor between Europe and Asia.”
“This is an important step in building the necessary global infrastructure for widespread institutional adoption of digital assets.”
Likewise, Thomas Zeeb, the chairman of SIX Digital Exchange, 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.”
Thus, both SIX and SBI have been actively involved in digital asset markets globally.