The Monetary Authority of Singapore (MAS) has lifted sandbox restrictions on BondEvalue’s BondbloX Bond Exchange (BBX) platform.
BBX graduated from the MAS’ regulatory sandbox earlier this month, and was approved as a Recognized Market Operator (RMO), meaning it is no longer bound by restrictions such as limits on trading volume and disclosures specific to the sandbox model, BondEvalue announced on Tuesday.
«Getting the MAS’ greenlight is a big deal for us, our partners and our ecosystem. It will help to accelerate engagements with potential partners,» Rahul Banerjee, founder and CEO of BondEvalue, said
BBX lowers the barriers to entry for the bond market by enabling fractional ownership of traditional wholesale bonds, and uses blockchain technology to make bond trading more transparent and cost-effective. The exchange successfully carried out the world’s first blockchain-based bond trade in August 2020 and the first-ever coupon payment on blockchain in September.
As its first order of business, BondEvalue said it wants to expand BBX’s member base as it aims to bring trading of a wide range of fixed-income securities to the mass market across the region.
BBX partners, brokerage UOB Kay Hian and multi-family office Taurus Wealth Advisors, said they would ramp up to bring more investors to the platform.
The platform is currently only open only to accredited and institutional investors. The firm previously said it hopes to grow the number of bond investors in Asia to over 25 million people in the next five years, from 500,000 individuals currently, by targeting the so-called «HENRYS» (high-earners not rich yet) and listing the 100 most liquid bonds globally.
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