Openmarkets Group and Ondo Finance have signed a memorandum of understanding to explore bringing Ondo’s institutional-grade tokenised financial products to eligible Australian investors and developing new tokenised products for the Australian market.
The collaboration combines Ondo’s global tokenisation capabilities with Openmarkets’ local market expertise and financial infrastructure, with the companies initially focusing on Australian distribution and product development.
Under the first workstream, the companies will assess pathways for Openmarkets to distribute selected Ondo products to eligible Australian investors, subject to applicable regulatory requirements and approvals.
The second workstream will explore tokenised products and market infrastructure tailored to Australia, potentially including tokenised Australian-listed securities and access to offshore tokenised markets.
Openmarkets chief executive, Dan Jowett, said the combination of Ondo’s technology platform and Openmarkets’ local market expertise could lead to compelling tokenised products aimed at local investors.
“We’re delighted to collaborate with Ondo, a trusted on-chain finance global leader, to bring its world class suite of tokenised products to local investors and explore new tokenised offerings,” Jowett said in a 14 September announcement.
“Tokenisation is already transforming Australia’s financial services industry and improving the way local participants access, transact and hold assets. As a licensed broker and fintech with a deep market footprint, Openmarkets is uniquely positioned as an infrastructure provider and distributor of digital products.”
Ondo Finance managing director of global business development Min Lin said the collaboration was part of Ondo Finance’s ambition to expand the reach of its tokenised products outside the US.
“Australia is a natural next step in Ondo’s global expansion. Openmarkets brings deep local market expertise and established financial infrastructure, creating a compelling pathway to explore how Ondo’s institutional-grade tokenised products can reach eligible Australian investors. Together, we aim to connect one of the Asia-Pacific region’s most sophisticated capital markets with the global on-chain economy.”
The collaboration is the latest in Openmarkets’ plans to add digital assets to its brokerage, clearing, settlement and wealth management services, extending its regulated infrastructure into Australia’s emerging tokenised markets.
Its strategy to enter the market comes as forecasts predict the global tokenised asset market could reach US$16 trillion by 2030.
Openmarkets already holds many core authorisations to move into tokenised products as an ASX, Cboe and NSX participant operating under an Australian Financial Services Licence. It is also registered on AUSTRAC’s virtual asset service provider register.
