Franklin Templeton Launches Blockchain-Based Fund in Singapore
Franklin Templeton has launched a new fund in Singapore, the Franklin OnChain U.S. Dollar Short-Term Money Market Fund, approved by the Monetary Authority of Singapore (MAS) for retail investors. This marks a significant step in harnessing blockchain technology to lower investment barriers in the Asia region.
The fund, managed by Templeton Asset Management Ltd with Franklin Advisers Inc as sub-manager, mirrors its Luxembourg-registered counterpart. It focuses on high-quality, short-term USD-denominated securities with minimal currency exposure. Tariq Ahmad, Head of APAC at Franklin Templeton, sees this as a milestone in digital asset exploration, which the firm has been pursuing since 2018.
The fund will be structured under Franklin Templeton Investments VCC and use a blockchain-integrated transfer agency platform. It is the first fund of its kind in Singapore, following Franklin Templeton's 2021 launch of a tokenized money market fund in the United States. DBS Bank, in partnership with Franklin Templeton and Ripple, facilitated the introduction through the DBS Digital Exchange (DDEx).
With a minimum investment of $20, the fund aims to broaden investor access, setting Franklin Templeton apart from competitors. By leveraging blockchain technology, the fund offers retail investors a new pathway into tokenized assets, potentially transforming the investment landscape in the Asia region.
