Marketnode joins forces with Covalent for E2E digital FI solution

Marketnode, the digital assets joint venture between the Singapore Exchange (SGX) and Temasek, has partnered with fixed income issuance and data firm, Covalent Capital, to build what they claim is Asia Pacific’s first end-to-end digital infrastructure in the fixed income space. This latest development follows the JV announcement by SGX and Temasek. As part of the partnership, Marketnode will acquire a minority stake in Covalent. Marketnode and Covalent will work together to streamline bond listing, straight-through processing and settlement, as well as bond lifecycle management. This builds on the digital bond collaboration between SGX, Temasek and HSBC, which saw Olam International’s inaugural digital issuance in 2020 and subsequent return with an additional SGD250m digital issuance in 2021.