SBI Digital Markets Gets Further Investment
Posted by Colin Lambert. Last updated: January 12, 2022
Singapore’s SBI Digital Markets has added SCB 10X, the strategic investment arm of Siam Commercial Bank, as a minority shareholder.
SBI Digital Markets is targeting the growing demand for public and private institutional digital assets by providing institutional services, including issuance, corporate advisory, and custody of digital assets. The company is currently engaging with the Monetary Authority of Singapore (MAS) to obtain the required regulatory approvals to deploy its strategy.
“We believe institutional demand for security tokens is at an inflection point,” says Winston Quek, CEO of SBI Digital Markets. “The Singapore business environment for the sector is vibrant and the regulatory framework is at the highest standards. SBI DM is well positioned to take full advantage as we prepare our end-to-end product offering across a broad range of digital assets to serve institutional clients.”
The company says it will leverage the extensive network of the SBI group. It intends to collaborate with SBI’s portfolio companies on this initiative including B2C2, acquired by the group in 2020, Sygnum, and Boerse Stuttgart Digital Exchange among others. SBI DM also plans, upon its launch, to work closely with Asia Digital Exchange, a Singaporean based digital asset exchange and joint venture between SBI DAH and the Swiss Six group.