An “industry-wide investment funds utility”, to run on distributed ledger technology and be operational as a pilot in 2023, is the aim as Singapore Exchange joint venture Marketnode announces Fundnode. Participants include Citi, HSBC and State Street as service providers, and Schroders, Fullerton and Abrdn among the fundmanagers.

“Fundnode’s pilot phase will provide market participants with a single platform for transaction management, funds processing, and record-keeping,” says Marketnode in a press release, stating that the solution “will eliminate manual steps, facilitate reconciliation of flows, and centralise processing”.

“Fundnode will subsequently expand coverage to other fund types, enable support for corporate actions, ESG labelling and international platform integrations.”

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Marketnode is a joint venture between Singapore Exchange (SGX Group) and investment company Temasek.