UnionBank, the Philippines’ largest bank, and Standard Chartered Bank have completed testing a proof-of-concept for issuing tokenised blockchain bonds worth $187 million, according to a press release.
The platform was created by the Singaporean company SC Ventures, the fintech arm of Standard Chartered. The aim of the joint project with UnionBank is to provide retail investors with direct access to debt securities.
“Bond market infrastructure worldwide is predominantly oriented toward institutional investors. It involves the participation of several intermediaries in buying and subsequently trading bonds, which makes them less accessible to retail market participants,” said Aaron Gwak, Head of Capital Markets at Standard Chartered.
SCB PR UnionBank Standard Chartered Pioneer Blockchain Enabled Bond Issuance in the Philippines by ForkLog on Scribd
In 2019, UnionBank became the first Philippine financial institution to issue its own digital currency.
As reported, the Philippine central bank is studying the possibilities of issuing a national digital currency (CBDC).
What is central bank digital currency (CBDC)?
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