The Bank of China International (BOCI) made an innovative and significant move in the financial business world in Hong Kong by issuing tokenized securities worth $28 million on the Ethereum blockchain. This is the first of its kind issuance in Asia and the Pacific region, where regulated securities are documented on a public blockchain.
This issuance was done in collaboration with UBS, a leading global banking company. UBS has previously issued a $50 million bond using blockchain technology, but on a blockchain governed by English and Swiss law.
This new step reflects the financial industry’s adoption of blockchain technology and its increasing interest in it. It is expected that blockchain adoption will bring about a transformation in the way securities are issued and traded, enabling efficiency, transparency, cost reduction, and reducing reliance on traditional intermediaries.