01
Cash Transfer & Subscription
Institutional participant transfers cash to the licensed distributor. Subscription gets placed into underlying Phillip Capital Management MMF.
Phillip Capital Management | BNP Paribas Custody
Regulated Tokenised Money Market Fund for Digital
Asset Infrastructure
MAS-aligned AML/CFT controls, on-chain transparency, and institutional-grade custody. Built for exchanges, platforms, and Web3-native firms.
MAS AML/CFT Compliant
USD $2.4B+ AUM
15+ Years Track Record
THE CHALLENGE
Digital Asset Infrastructure Needs Institutional-Grade Liquidity
Exchanges, stablecoin platforms, and Web3 firms require compliant, real-time settlement rails. Traditional money market funds offer stability but lack on-chain integration.
Market makers need instant access. Custody must remain institutional-grade. Compliance Compliance is non-negotiable.
THE SOLUTION
Tokenised MMF with Embedded Compliance
-
T+0 Settlement
Real-time token minting and burning for liquidity operations -
MAS-Aligned Controls
KYC, screening, transaction monitoring, whitelisted transfers only -
Proven Performance
15+ years institutional track record, US $2.4B+ AUM
Built for Digital Asset Infrastructure
A money market fund designed for Web3-native operations, institutional compliance
standards, and seamless blockchain integration.
Real-Time Settlement for Market Making
Enable T+0 token minting and redemption. Support high-frequency liquidity operations for partnered exchanges and stablecoin platforms.
MAS AML/CFT Compliance Built In
KYC verification, transaction screening, and monitoring. Whitelisted wallets only—no anonymous transfers. Full on-chain traceability.
Multi-Chain Institutional Infrastructure
Deployed on Ethereum (ERC-3643 regulated asset standard) and XRPL. Transfer restrictions and identity requirements enforced at the protocol layer.
Institutional Custody & Self-Custody Support
BNP Paribas trustee for underlying fund. Tokens deliverable to whitelisted institutional self-custody wallets or qualified custody providers.
15+ Years of Proven Fund Performance
Phillip Capital Management MMF with consistent outperformance vs. Fed Funds lower bound. US $845M in US MMF; $2.4B+ total MMF AUM (Dec 2025).
Business Continuity & Off-Chain Backup
Multi-node redundancy. Off-chain ownership register maintained. Ability to reconstruct and reissue tokens on new contracts or chains if required.
How It Works
A streamlined flow from subscription to redemption, with compliance controls at every step.
02
Token Minting
Upon successful subscription, tokens are minted on-chain. 1 token = 1 fund unit, mirroring beneficial ownership and rights.
03
Delivery to Whitelisted Wallets
Tokens delivered to KYC-verified, whitelisted wallets. Self-custody for institutions or approved custody providers for qualified individuals.
04
On-Chain Transfers & Compliance
Transfers restricted to authorised, whitelisted participants only. All transactions monitored; no anonymous counterparties permitted.
05
Redemption & Token Burning
Token holders initiate redemption. Tokens burned on-chain. Cash proceeds from underlying MMF redemption transferred to participant's designated account.
06
Market Making & Liquidity
Active market maker supports partnered exchanges and stablecoin platforms. Enables seamless on/offramp operations and real-time settlement.
Compliance & Risk Controls
Built on a foundation of regulatory alignment, operational transparency, and
institutional-grade security.
MAS AML/CFT Alignment
Platform applies MAS-aligned anti-money laundering and counter-financing of terrorism standards. All participants undergo KYC verification and ongoing screening.
Transaction Monitoring
Continuous monitoring of all on-chain transactions. Suspicious activity flagged and investigated. Real-time compliance enforcement.
On-Chain Traceability & Whitelisting
Every token transfer is recorded on-chain. Transfers permitted only between whitelisted, authorised participants. No anonymous counterparties.
Technology Risk Management (TRM)
MAS TRM Guidelines applied. Multi-node infrastructure. Regular security audits. Robust operational resilience protocols in place.
Important: While this product leverages innovative tokenisation technology, it is structured to minimize changes to the underlying fund’s regulatory framework. The Digital Twin – Distributor Model does not create a new share class or separate vehicle. Investors receive disclosure acknowledgements covering additional digital asset risks. This approach maintains institutional compliance standards while enabling Web3 integration.
Multi-Chain Infrastructure with Compliance Embedded
Deployed on public blockchain networks with regulatory controls enforced at the protocol and application layers.
Ethereum
ERC-3643
TOKEN STANDARD
ERC-3643 is purpose-built for regulated securities and tokenised assets. Supports identity verification and transfer restrictions at the smart contract level.
COMPLIANCE CONTROLS
- On-chain identity registry linked to KYC verification
- Transfer restrictions enforced by smart contract logic
- Whitelisting and eligibility checks embedded in protocol
XRP Ledger (XRPL)
Trustlines + Compliance Layer
INTEGRATION APPROACH
Utilises XRPL’s native trustline mechanism combined with application-layer compliance controls for institutional-grade transfer restrictions.
COMPLIANCE CONTROLS
- Whitelisting enforced at application layer
- Transfer validation rules applied before execution
- KYC verification mapped to wallet addresses
Additional blockchain networks may be supported in future releases based on partner and institutional demand.
Business Continuity & Operational Resilience
Multi-layered infrastructure designed for institutional reliability and disaster recovery.
Multi-Node Architecture
Multiple blockchain node instances ensure redundancy. No single point of failure in transaction processing or data availability.
Off-Chain Backup Register
Ownership records maintained off-chain as backup. Enables reconstruction in extreme scenarios such as smart contract failures or chain issues.
Reissuance Capability
If required, tokens can be reissued on a new smart contract or alternative blockchain. Ownership rights preserved via off-chain backup.
BCP Documentation
Comprehensive business continuity plans documented and tested. Clear protocols for service restoration and participant communication.
Technology Risk Management (TRM)
MAS TRM GUIDELINES APPLIED
- Regular security audits and penetration testing
- Incident response protocols and escalation procedures
- Smart contract code reviews by third-party auditors
OPERATIONAL MONITORING
- 24/7 system health monitoring and alerting
- Real-time transaction validation and anomaly detection
- Planned maintenance communicated to partners in advance
Who It's For
Built for institutional participants in digital asset infrastructure. This is not a retail product.
Digital Asset Exchanges
Enable seamless settlement for trading pairs. Support institutional liquidity operations with T+0 minting and redemption.
TYPICAL USE CASES
Settlement reserves
Collateral management
Liquidity pools
Stablecoin Platforms & On/ Off-ramps
Integrate tMMF as fiat backing or reserve instrument. Enable compliant conversion flows between fiat and digital assets.
TYPICAL USE CASES
Reserve management
Fiat on/off-ramps
Redemption mechanisms
Market Makers & Institutional Trading Firms
Access institutional-grade MMF exposure with on-chain settlement. Support high-frequency operations across digital asset markets.
TYPICAL USE CASES
Real-time settlement
Collateral optimisation
Cross-chain liquidity
Financial Institutions Exploring Tokenisation
Partner with a proven model for regulated tokenised assets. Learn from a Digital Twin structure that minimizes regulatory friction.
TYPICAL USE CASES
Pilot programs
Infrastructure integration
Compliance frameworks
Institutional Onboarding Required: All participants must complete KYC verification, entity screening, and whitelisting before accessing the platform. This offering is not available to retail investors.
Frequently Asked Questions
Technical, compliance, and operational questions answered.
Order Taking & Subscription
Subscriptions must be submitted using the PSPL U1 Subscription Form and Addendum via email. To ensure same-day processing, all orders must be received by 10:00 a.m. SGT.
The minimum initial subscription is USD 100,000. Subsequent subscriptions by the same investor may be made in smaller amounts (multiples of USD 100), with no minimum threshold for top-ups.
A successful submission confirmation email will be sent to the client upon receipt of the order. The actual contract note will be issued at T+2 after the subscription is processed.
Orders may be rejected due to insufficient funding or holdings, submission in the incorrect currency or incorrect form details.
NAV Pricing & Valuation
The NAV price is updated once daily, by noon SGT.
PSPL is responsible for updating the NAV on the smart contract. The NAV reflects a historical price and can also be viewed on the Ethereum blockchain at contract address: 0xFfbe99453ACebCEDE91B4782AE3E80786baE3655 (under the Events tab — NAVPriceUpdated).
Redemptions are priced at the NAV published on the date the redemption request is received, provided the form is submitted before the 10:00 a.m. SGT cut-off.
tMMF units are expressed to 2 decimal places. The tMMF NAV value is expressed to 4 decimal places.
Settlement & Payment
Settlement is reflected in your ledger account at T+1. For the USD Money Market Fund, the fund is marked out at 4:15 p.m. US time, which is treated as T+0 on PSPL’s books. The actual withdrawal timeline depends on your chosen payment method. – https://www.poems.com.sg/payment/
Withdrawal timelines depend on the payment method selected. For DBS Multi-Currency Account (MCA) transfers, there are no charges and funds are expected to arrive on the same day after 7:00 p.m. For other methods, please refer to the POEMS Payment Instructions page – https://www.poems.com.sg/payment/
Redemption Process
No separate form is required. The same subscription/redemption form is used — different sections must be completed for redemptions. The same 10:00 a.m. SGT cut-off time applies.
Redemptions can be submitted on any business day. Multiple redemption requests received will be aggregated and processed together.
Charges depend on the method of withdrawal. DBS MCA transfers incur no charges. Other payment methods may vary — please refer to the POEMS Payment Instructions page for details. – https://www.poems.com.sg/payment/
Settlement is at T+1 from the date the redemption notice is received before the 10:00 a.m. cut-off. Actual receipt of funds depends on the payment method; DBS MCA transfers are indicatively same day after 7:00 p.m.
Custody & Token Management
You may choose to hold your tMMF tokens in self-custody using your own compatible wallet, giving you direct control over your tokens. Alternatively, PSPL can hold custody of the tMMF tokens on behalf of clients.
Unique wallets must be submitted to PSPL for whitelisting. A Satoshi test will be conducted to verify wallet ownership.
Upon redemption, the corresponding tokens are collected and burnt to maintain a 1:1 ratio between traditional Money Market Fund units and tokenised units.
Each blockchain token corresponds 1:1 to an underlying fund unit. All activities are recorded both on-chain and off-chain to maintain a full audit trail. Total token supply remains fully backed by off-chain units through ongoing reconciliation.
Stamp duty is not applicable under the current structure.
Documentation & Risk Disclosure
Please refer to the Terms & Conditions in the subscription form and the POEMS website (Part General Conditions, Section 11) – https://www.poems.com.sg/mobile/TermsAndConditions.htm – part A. Tokenisation-specific risks are covered in the Addendum provided alongside the subscription form.
Specific risks including smart contract risk, counterparty risk, and liquidity risk are disclosed in the Addendum to the subscription form. Please review the Addendum carefully before investing.
Ready to Integrate Tokenised MMF into Your Infrastructure?
Connect with our institutional partnerships team to discuss integration requirements,
compliance workflows, and commercial terms.
Partnership Inquiries
tokenisation@phillip.com.sg | Integration Documentation
