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11
Sep, 2020

Singapore Exchange Issues Corporate Bond in Blockchain

Singapore Exchange issued a corporate bond based on blockchain infrastructure, with maturity at 5.5 years. The total value for the bond is $300 million while the bond’s issuance was for Olam International, a company whose activities are on the production and distribution of local food products.

 

In this effort, Singapore Exchange had partnered with the bank HSBC Singapore and the investment firm Temasek. HSBC’s role in the project was crucial as it was the handler for the payments in different currencies made for covering the bond issuance.

 

For the bond issuance and technology infrastructure, the DAML programming language was used, developed from Digital Asset, an American startup. The duration for the project lasted almost 10 months as the initial conversations had begun in November 2019. This move came after a period when many exchanges and companies try to include securities issuances through blockchain for better and safer processes in the stock markets.