As officially announced on Sept. 1, SGX deployed its digital asset issuance platform to conduct a 400 million Singapore dollar ($294 million) 5.5-year public bond issuance for major local food and agri-business company, Olam International.
In order to issue the bond, SGX implemented DAML, a major smart contact language developed by American blockchain startup Digital Asset.
As SGX’s digital asset issuance platform is based on smart contracts, DAML enabled the company to model the bond and its distributed workflows for issuance and asset servicing over the bond’s lifecycle. Smart contracts enable the platform to capture the rights and obligations of parties involved in issuance and asset servicing, including arrangers, depository agents, legal counsel and custodians.
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