Maybank Launches On-Chain Tokenized Money Market Fund with Marketnode and BNP Paribas

singapore

Maybank, a Malaysian multinational bank, has partnered with BNP Paribas and Singapore-based Marketnode to introduce an on-chain tokenized version of Maybank's Money Market Fund. This initiative aims to enhance the accessibility and transparency of traditional investment products, benefiting from Singapore's growing status as a center for regulated tokenization.

Key Takeaways

Maybank, BNP Paribas, and Marketnode have launched a tokenized Money Market Fund.
The project enhances the accessibility of traditional investment products through tokenization.
Marketnode’s Gateway platform will serve as the tokenization architecture.
This initiative aligns with Singapore's push for regulated tokenization.
Future plans include expanding tokenization across more Maybank fund portfolios.

A New Era for Tokenized Investment Products

Malaysian multinational bank Maybank, along with BNP Paribas and Singapore-based digital market infrastructure firm Marketnode, has officially launched Maybank's Money Market Fund on-chain. This significant development represents a strategic move towards creating tokenized investment products.

According to the announcement, this collaboration is designed to promote mainstream fund tokenization, ultimately enhancing the accessibility and transparency of conventional investment products. BNP Paribas will act as the transfer agent, facilitating the integration of tokenization within the current capital markets infrastructure.

This initiative is timely, as Singapore is establishing itself as a global leader in regulated tokenization, especially within the funds and fixed-income sectors. Financial institutions are increasingly testing blockchain solutions to improve liquidity and automate the settlement process.

Marketnode’s Gateway: The Future of Tokenization

The project will utilize Marketnode's modular platform known as Gateway, which serves as the core architecture for tokenization. Gateway facilitates the interoperable issuance and management of digital assets across Ethereum Virtual Machine (EVM) and non-EVM networks, with recent additions including Solana, Stellar, and XRP Ledger.

Andrew Scott, Head of Digital Assets at Marketnode, states, "As tokenization transitions from concept to reality, it is crucial that the industry’s infrastructure evolves concurrently. By bridging infrastructure gaps and collaborating with our partners, we are helping to define the next generation of trustworthy and interoperable markets in Asia."

Marketnode has solid backing from notable institutions like Euroclear, HSBC, SGX Group, and Temasek, and is actively expanding its infrastructure around credit, funds, and structured products, assisting financial entities in transitioning to blockchain operations.

Maybank’s Commitment to a Tokenized Future

Ivan Won, Head of Product & Marketing at Maybank, expressed enthusiasm about the collaboration with Marketnode and BNP Paribas: “We are thrilled to bring our Maybank Money Market Fund on-chain. This initiative enhances access for modern investors and showcases our commitment to utilizing technology as we embrace a tokenized future, which the Singapore financial landscape is enthusiastically adopting.”

This recent launch aligns with Singapore's regulatory framework that supports tokenization through Project Guardian, which emphasizes interoperability and risk management standards in tokenized capital markets.

BNP Paribas and Focus on Institutional Adoption

Luc Renard, Head of Southeast Asia, Securities Services at BNP Paribas, emphasizes the bank's strategic approach to tokenization, stating, “As the tokenization of money market funds garners interest due to its potential for growth and outreach, financial services play a crucial role in advancing this next developmental phase. We are proud to partner with Maybank and Marketnode to remain at the forefront of this evolution."

Looking ahead, the partnership intends to broaden tokenization capabilities across additional fund portfolios at Maybank and investigate on-chain collateral applications, paving the way for a more efficient, adaptable, and transparent financial ecosystem.