AsiaNext, a joint venture between SBI and SIX, has launched its first security this month, a dollar money market fund (MMF), and introduced a digital collateral solution. AsiaNext first launched crypto derivatives earlier this year, which do not require licensing in Singapore. This is the first of three trading products. The company holds a capital markets license and a recognized market operator (RMO) license in Singapore, allowing it to operate an exchange. The locally issued USD MMF is the first listed security (not a tokenized security). The company is collaborating with asset management firms to list other funds, including Valour, a multinational cryptocurrency ETP issuer managing assets of up to $900 million. AsiaNext is also planning to establish a third spot cryptocurrency trading venue and has applied for a major payment institution license. Meanwhile, the company has launched the AsiaNext Operational Layer (AXOL), integrating the operations of three trading venues.