MAS Grants BondEvalue Recognised Market Operator Licence

BondEvalue operates BondbloX Bond Exchange, a blockchain-based exchange that allows for bonds to be traded in USD 1,000 lots.

MAS (Monetary Authority of Singapore) has approved Singapore-based fintech BondEvalue as a Recognised Market Operator.

BondEvalue operates BondbloX Bond Exchange (BBX), a blockchain-based bond exchange that aims to bring trading of a wide range of fixed-income securities to the mass market across the region.

BondEvalue entered MAS' Sandbox Express last October, looking to launch a permissioned blockchain that would allow bonds to be traded electronically, thereby improving price transparency and ensuring instantaneous trade settlement.

The first trade on BBX was conducted on 12 August, executed through multi-family office Taurus Wealth Advisors, one of BBX's first members, with Northern Trust as custodian and UOB Kay Hian as the initial launch partner.

BBX allows for bonds to be traded in USD 1,000 lots, unlike typical bond trades which require at least USD 200,000.

"Our vision of extending bond trading from Wall Street to Main Street is becoming a reality. We are committed to helping investors trade bonds transparently," said Rahul Banerjee, Founder and CEO of BondEvalue.

In Singapore, BBX is open to accredited and institutional investors.