BOCI Makes History As First Chinese Bank To Issue Tokenized Security

Key Points:

• BOCI became the first Chinese financial institution to issue a tokenized security in Hong Kong and the first product in the Asia Pacific region on Ethereum.

Chinese state-owned bank, BOCI, has successfully issued CNH 200 million in fully digital structured notes, marking the bank as the first Chinese financial institution to issue a tokenized security in Hong Kong and the first product in the Asia Pacific region on Ethereum.

The product was originated by UBS and placed to its clients in Asia Pacific, representing a long-term collaboration between BOCI and UBS in digital structured notes.

BOCI has a long history of serving various clients through continuous product innovation. It is a leading Chinese issuer with a full range of products, a large volume of issuance, and complete services to its clients. The wholly-owned investment bank of Bank of China was the first Chinese financial institution to issue structured notes overseas.

UBS, on the other hand, issued a USD 50 million tokenized fixed rate note in December 2022 under English and Swiss law, digitized on a permissioned blockchain. UBS continues to expand its tokenization services, through UBS Tokenize, across structured products, fixed income, and repo financing.

BOCI and UBS have taken new steps regarding applicable law and blockchain types by issuing these digital securities. This transaction marks the first product of its kind in the Asia Pacific constituted under Hong Kong and Swiss law and tokenized on the main Ethereum blockchain, successfully introducing regulated securities onto a public blockchain.

“BOCI is very pleased to be at the forefront of innovation in technology finance and digital finance,” said Ms. Ying Wang, Deputy CEO at BOCI. “Working together with UBS, we are driving the simplification of digital asset markets and products for customers in Asia Pacific by developing blockchain-based digital structured products designed specifically for customers in Asia Pacific. We are encouraged by the evolution of Hong Kong’s digital economy and are committed to promoting the digital transformation and innovative development of Hong Kong’s financial industry.”

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