A subsidiary of the Bank of China has launched a new, first-of-its-kind tokenized security on the Ethereum (ETH) blockchain.
BOCI, a wholly-owned investment bank of the government-owned Bank of China, has announced the rollout of its CNH 200 million ($27.9 million) fully digital structured notes.
The notes were created by financial giant UBS on the Ethereum network, and according to the announcement, are compliant under Swiss and Hong Kong law.
“By issuing these digital securities, both BOCI and UBS have taken new steps in terms of applicable law and blockchain types. This transaction marks the first product of its kind in Asia Pacific constituted under Hong Kong and Swiss law and tokenized on the main Ethereum blockchain, successfully introducing regulated securities onto a public blockchain.”
Ying Wang, deputy CEO of the Chinese government-owned institution, says that BOCI is committed to “digital transformation and innovative development of Hong Kong’s financial industry.”
“BOCI is very pleased to be at the forefront of innovation in technology finance and digital finance… Working together with UBS, we are driving the simplification of digital asset markets and products, for customers in Asia Pacific through the development of blockchain-based digital structured products, designed specifically for customers in Asia Pacific.”
Aurelian Troendle, an executive at UBS, said that the firm aims to use blockchain to bring advantages to investors and broaden its offerings through tokenization.Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
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