Northern Trust and BondEvalue Partner to Deliver Fractionalised Bond Ownership Using Blockchain Technology
Northern Trust to Provide Asset Servicing Solutions for BondEvalue’s Distributed Ledger Technology-based Bond Trading Platform.
Singapore, 13 November 2019 – Northern Trust (Nasdaq: NTRS) and BondEvalue today announce a strategic partnership to deliver integrated asset servicing and digital solutions for fractional ownership of fixed income bonds. BondEvalue’s regulated platform will facilitate trading of fractionalised investable assets based on wholesale bonds, while Northern Trust will be its exclusive asset servicing provider.
BondEvalue’s platform combines the power of distributed ledger technology (DLT) to enable enhanced transparency and liquidity, while making institutional grade investment opportunities available to new classes of investors.
This partnership follows the recent news that the BondEvalue platform had been granted permission to enter the Monetary Authority of Singapore’s Sandbox Express to launch its blockchain-based bond exchange.
Justin Chapman, global head of Market Advocacy & Innovation Research at Northern Trust said: “Northern Trust is a strong advocate for the potential of blockchain. Our partnership with BondEvalue has the potential to allow a wider group of investors access to investments which were historically only available to larger institutions. It enables us to continue to lead and develop future market solutions supported by our focus on digitisation and blockchain technology innovation.”
Rahul Banerjee, founder, BondEvalue, said: “We are excited to work with Northern Trust in making bond markets more efficient and transparent for bond investors, via our fractional bond exchange. It is important for us to have a partner who recognises the potential of DLT and is nimble in their technological adoption. As we journey towards making bonds more widely accessible, we are delighted to have Northern Trust as a partner who offers investors and exchange participants the confidence in the integrity of the platform offering.”
Yen Leng Ong, country executive for Southeast Asia at Northern Trust, added: “Singapore has an advanced regulatory framework which enables the establishment of our relationship with BondEvalue. The partnership is a further step in our blockchain technology capability buildout for Asia-Pacific. And this marks a significant milestone for the Singapore branch, as Northern Trust’s regional headquarters.
The Memorandum of Understanding between Northern Trust and BondEvalue was signed on 5 November 2019.
About Northern Trust
Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has a global presence with offices in 20 U.S. states and Washington, D.C., and across 23 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of September 30, 2019, Northern Trust had assets under custody/administration of US $11.6 trillion, and assets under management of US $1.2 trillion. For 130 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Visit northerntrust.com or follow us on Twitter @NorthernTrust.
Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Global legal and regulatory information can be found at https://www.northerntrust.com/terms-and-conditions.
BondEvalue is a Singapore based fintech that has been changing the Asian fixed income markets since 2016. The founders have decades of leadership experience in debt markets, on both business and technology sides. BondEvalue brings innovation to bond price discovery, AI-based news, analytics, and delivers these services via mobile, web and APIs. In November 2019, BondEvalue unveiled the world’s first blockchain-based bond exchange that allows investors to trade BondbloX, which are $1,000 fractions of traditional wholesale bonds. The platform operates on a B2B2C model and connects to the end investor via their bank or broker. Please visit bondevalue.com for further information. More details can be found on www.bondevalue.com