Drew & Napier Team advised PhillipCapital on ground-breaking tokenisation distribution of money market fund

11 Nov 2025

Head of Financial Services Regulation, Director Grace Chong, together with Directors Ong Ken Loon and Lye Yuan Jun, and Senior Associate Theodore Tay, advised PhillipCapital on the tokenised distribution of its money market fund – one of the first of its kind in the market.

PhillipCapital recently launched the tokenised Phillip USD Money Market Fund (tMMF-USD), a blockchain-based version of its existing USD Money Market Fund developed under Singapore’s regulated framework. The tokenised fund mirrors the underlying fund, with investors receiving digital tokens representing fund units.

Token creation, redemption, and real-time net asset value (NAV) updates are recorded on a public blockchain, ensuring transparency and auditability. Institutional distribution has begun for professional and accredited investors, while retail access will follow via the POEMS platform. The tMMF-USD will also be listed on the Alta Exchange, expanding its reach to a global network of financial institutions.

The launch integrates traditional financial governance with blockchain’s transparency and efficiency, offering investors secure access to regulated products. It aligns with global efforts to use tokenisation to enhance market efficiency, compliance, and accessibility within a trusted regulatory framework.

Drew & Napier continues to receive strong interest in tokenised distributions and offerings, and provides such continued support to fund managers, brokers and organised markets. This engagement reflects our continued commitment to supporting tokenisation of capital market products, and bridging regulatory compliance with innovation in the capital markets space.

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