PhillipCapital launches Symphony Digital Assets, leveraging Fireblocks technology

Symphony Digital Assets launches digital asset custody services, powered by digital asset infrastructure provider, Fireblocks

SINGAPORE, 6  February 2024 – Today, PhillipCapital announced the launch of a new digital asset member, Symphony Digital Assets (“Symphony”). Symphony  will offer a new suite of digital asset solutions to its clients, in a strategic collaboration with Fireblocks, an enterprise platform to manage digital asset operations and build innovative businesses on the blockchain.

Mr Seh Huan Kiat, CEO, Symphony Digital Assets, said: “Symphony Digital Assets is not just a step into the future of finance; it is a shaper of finance’s future. Our collaboration with Fireblocks will combine decades of financial expertise from PhillipCapital with Fireblocks’ cutting-edge technology. This is a significant stride towards a new era in digital asset management to serve clients interested in this emerging space.”

Symphony’s first offering, the Symphony Digital Asset Wallet, is slated to launch in Q1 of 2024. Backed by PhillipCapital’s nearly five decades of financial services expertise and built upon the robust foundation of Fireblocks’ enterprise-grade Multi-Party Computation (MPC-CMP) technology, the Symphony Digital Asset Wallet enables clients to securely store and transact their digital assets, all under the care of a trusted and reputable custodian based in Singapore.

Mr Luke Lim, Managing Director, Phillip Securities, said: “This collaboration marks a significant milestone in our journey to expand our service and cater to the evolving needs of our clients. More of our clients are looking at digital assets as the next frontier in investment and asset management. It is important to us to work with a trusted digital asset infrastructure provider with a proven track record of creating secure MPC wallets at scale, so that our clients can accord the same level of trust to Symphony Digital Assets as they have shown to PhillipCapital over the years. This collaboration ushers in a new era in digital asset solutions, leveraging our decades of experience with Fireblocks’ battle-tested technology.”

This innovative solution will first be launched as an integrated digital asset wallet within PhillipCapital’s mobile trading application, POEMS Mobile 3. In conjunction with the launch, Symphony will be launching a free digital collectible, the People of Phillip NFT collection, for users who sign up for the digital asset wallet through the POEMS Mobile 3 App.

In the future, the Symphony Digital Asset Wallet will also be available as a standalone custody service and platform for organisations to create and manage digital asset wallets with ease and efficiency.

Mr Stephen Richardson, Managing Director, Financial Markets and Head of APAC at Fireblocks, said: “Fireblocks is proud to be working with one of Singapore’s leading brokerage firms to cater to the growing retail and institutional investor demand for digital assets, including providing PhillipCapital with the ability to create wallets at scale without compromising on security. The launch of PhillipCapital’s digital asset custody services is a testament to their unwavering dedication to meet clients’ evolving financial needs and we are excited to be part of this journey with them as they bring more innovative digital asset solutions to market.”         

Beyond the Symphony Digital Asset Wallet, Symphony plans to offer other digital asset solutions including tokenised real-world assets (“RWA”) and smart contract services later in 2024. With these plans in place, Symphony aims to be a one-stop destination for clients looking to explore the full potential of the digital asset landscape.

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