• SDAX partners with Muscat Precious Metals Refining Company LLC to launch MPMT Gold Token.
• Gold tokens in a securitised format issued by an independent trust and backed by physical bullion.

SINGAPORE, April 24, 2024 /PRNewswire/ — SDAX, Singapore’s leading Digital Assets Exchange, has expanded its product offering to include a first of its kind tokenised gold product. In partnership with the Oman-based Muscat Precious Metals Refining Company LLC, the MPMT Gold Token offers investors a gold token in a securitised form, unlike other gold token offerings currently available in the market.

The MPMT Gold Tokens, which are available exclusively on the SDAX Exchange platform offer investors increased protection, being in a securitised form and issued by an independent trust and backed by physical gold bullion held in secure vaults at Le Freeport, Singapore.

This product uses securitisation techniques and offers investors who are seeking an easier way to gain exposure to gold without having to find storage methods for housing the physical bullion. Owners are also able to trade gold tokens for physical settlement with qualified market makers through the SDAX platform.

Commenting on the launch, SDAX CEO, Rachel Chia said, “We saw an opportunity in the market to make owning gold through tokenisation a much more secure proposition for investors. These securitised tokens confer an additional layer of safety, allowing investors greater peace of mind about their investments.”

With spot gold prices sitting at record highs, investors are presently faced with a multitude of gold investment options. By securitising the gold tokens, SDAX is providing investors with a convenient, reliable, and most importantly, secure alternative investment approach. The securitised tokens allow for investors to acquire and hold a beneficial ownership interest in a specified quantity of gold legally held by an independent trust for the investors. This is compared to other gold investment options like exchange traded funds (ETFs) or bank issued depository gold certificates where the gold is owned by the ETF provider or the bank.

“As gold prices continue to trade at record highs and with macro-economic forecasts supporting a likely continued trend, we thought it was the perfect time to offer a gold product exclusively to our SDAX users that was unique and not currently available in the market,” Chia added.

In partnership with the Muscat Precious Metals Refining Company LLC, Oman’s first precious metals trading company that specialises in a range of commodities including gold, silver, and platinum, SDAX is able to provide gold tokens at scale and speed.

“We are excited to be part of this new offering that allows investors to gain secure exposure to the gold market through the MPMT Gold Token. As gold prices rise, driven by safe-haven demand, central bank buying and rising geopolitical risks, it is important for investors to have options, which is why we are happy to work with SDAX on this compelling gold investment alternative. This partnership with SDAX will also allow us to reach a wider base of sophisticated investors on the SDAX platform,” said Muscat Precious Metals Refining Company LLC CEO, Shihab Al Busaidi.

The MPMT Gold Token was created with the assistance of global law firm Clifford Chance LLP, London,  global trustee APEX, Jin Huang Bullion as bullion agents, and Hydra X as custodian. Walkers advised on the product and offering with respect to Cayman Islands law. BTPLaw LLC provided advice on the tokens from a Singapore law perspective.

Clifford Chance London Securitisation Partner, Kevin Ingram commented: “This product shows how securitisation techniques can add value to new concepts for the benefit of participants. We are delighted to be involved in the creation of this exciting product.”

“Hydra X is delighted to partner with SDAX and to provide custodial services and technology solutions to facilitate the tokenisation of real-world assets such as gold. This initiative reflects our commitment to making investment opportunities more accessible and leading the way in setting new standards in a blockchain-enabled, regulated digital asset landscape,” added Wee Hao Ng, COO, Hydra X.

The MPMT Gold Token is only available to accredited investors and institutional investors exclusively on the SDAX Exchange platform. For more information on the MPMT Gold Token, visit www.sdax.co/gold.

ABOUT SDAX

Based in Singapore, SDAX is a globally connected, integrated digital financial services platform offering a comprehensive suite of investment opportunities for asset owners and investors to benefit from the world’s private markets.  Regulated by the Monetary Authority of Singapore, SDAX’s exchange platform offers opportunities to access exclusive investments from its ecosystem and secondary market trading via its digital asset exchange. 

With SDAX, investors access curated investment opportunities across private equities, funds, real estate and alternatives which have passed SDAX’s rigorous due diligence process. SDAX connects markets through partnerships with participants in North America, the United Kingdom, Europe and the Asia Pacific region, delivering a seamless and efficient cross-border digital assets ecosystem for wealth creation.   

SDAX is supported by shareholders with established track records in their respective fields: ESR, the largest real asset manager in APAC; PSA International, Singapore’s leading port group; The Straits Trading Company, renowned Singapore conglomerate-investment company; and multi-disciplinary professional services group, RHT Group of Companies. 

For more information, visit https://www.sdax.co/. 

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BANGALORE, India, April 24, 2024 /PRNewswire/ — Clayfin Technologies, a leading provider of innovative Digital Customer Experience solutions for Banks and Financial institutions, and Jana Small Finance Bank, one of India’s leading small finance bank in India, proudly announced their partnership’s recognition as ‘Regional Winners: Asia‘ at the IBSi Digital Banking Awards 2024. Their exceptional collaboration was honoured for the innovative ‘Omnichannel Digital Banking Solution for Retail and Corporate Customers’.

The recognition is a testament to Jana Small Finance Bank’s commitment to delivering exceptional customer experiences across digital platforms. Clayfin’s omnichannel Digital Banking Solution offers a comprehensive 360-degree view to Jana SFB’s customers, ensuring seamless integration and accessibility across mobile and internet banking platforms.

Nikhil Gokhale, Director – Research & Digital Properties at IBS Intelligence, extended congratulations to Jana Small Finance Bank and Clayfin for their achievement as the ‘Regional Winners: Asia‘ at the Digital Banking Awards 2024. Clayfin’s Omnichannel Digital Banking Solution at Jana SFB led to significant improvements in productivity, efficiency, and cost savings, highlighting their leadership in digital transformation.

Ashish Saxena, Chief Information and Digital Officer of Jana Small Finance Bank, said, “We are honoured to receive this recognition at the IBSi Digital Banking Awards 2024. This award strengthens our commitment to provide digital experiences to our customers. This win motivates us to continue pushing the boundaries of innovation and excellence in digital banking, ensuring value for our customers.”

Thanking IBS Intelligence and Jana Bank, Rajesh BLN, CEO of Clayfin, added, “Clayfin’s Omnichannel Digital Banking Solution has seamlessly integrated with Jana Bank’s vision of providing convenient digital experience to customers. Today, this solution ensures easy digital transactions, providing a unique experience for Bank’s customers. We are excited about the new services on the platform and are committed to further enhancing the Bank’s digital footprint, contributing to the growth of their business.”

About IBSi Digital Banking Awards 2024 

IBS Intelligence (IBSi) is the world’s only pure-play Financial Technology focused research, advisory, and news analysis firm, with a 30-year track record and clients globally. The IBSi Digital Banking Awards 2024 seek to identify and honour the most innovative and impactful technology implementation projects that help banks and FinTechs reach their clients via digital channels. The fourth edition of the Digital Banking Awards evaluated 60+ installations across multiple geographies.

About Jana Small Finance Bank

Jana Small Finance Bank, a scheduled commercial bank, is the 4th largest Small Finance Bank in India with an experience of over 16 years in lending and serving 12 million customers. The Bank was launched in March 2018, is a solid combination of a digital institution and national presence across 22 states and 2 union territories, spread across 808 branches. 

About Clayfin

Clayfin is a leading provider of Digital Customer Experience solutions for Banks and Financial institutions. Clayfin enables Banks and financial institutions to nurture and grow close ties with their customers by providing a seamless omnichannel experience delivered at any digital point of interaction that the customer prefers. Clayfin works across geographies, and currently supports 75+ implementations across 25+ financial institutions.

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View original content:https://www.prnewswire.co.uk/news-releases/clayfin-technologies-and-jana-small-finance-bank-honored-with-prestigious-ibsi-digital-banking-award-2024-302124924.html

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