Digital market infra operator Marketnode raises Series A from HSBC, Temasek

Digital market infra operator Marketnode raises Series A from HSBC, Temasek

HSBC Bank logo is seen in this illustration taken March 12, 2023. REUTERS/Dado Ruvic/Illustration

Marketnode, a Singapore-headquartered financial market infrastructure provider, has held the first close for a Series A round led by HSBC, according to a statement on Thursday.

Existing investor Temasek Holdings reupped in the round.

Marketnode did not disclose the amount raised in the round. However, regulatory filings accessed by DealStreetAsia – DATA VANTAGE showed that the two investors injected $19 million into the company. The latest capital infusion brings the total funding raised by Marketnode to $34.7 million.

The company, which was set up by the Singapore Exchange (SGX) and Temasek in 2021, plans to use the proceeds from its Series A round to scale its platforms and develop a multi-asset ecosystem, starting in the Asia-Pacific.

John O’Neill, the global head of digital asset strategy at HSBC, will join Marketnode’s board of directors as part of the Series A round.

“Our investment in Marketnode showcases our joint commitment to building a robust multi-asset digital infrastructure across our markets, helping our customers enter the world of digital assets safely and securely,” Ian Glasner, the group head of innovation, ventures, and digital partnerships at HSBC, said in a statement.

Singapore Exchange (SGX) and Temasek jointly established Marketnode to be Asia Pacific’s first exchange-led digital asset venture focused on capital markets workflows through smart contracts, ledger, and tokenisation technologies.

While HSBC is a new addition to Marketnode’s cap table, the companies have worked together in the past. Since 2020, they have been co-developing a digital market infrastructure spanning credit, funds, and structured products. HSBC and Marketnode also completed a digital bond issuance in 2021 in conjunction with a S$1 billion perpetual securities issue by Singtel Group.

Edited by: Deepshikha Monga

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