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Bank of China issues its first Ethereum-based tokenized asset 

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Bank of China, under its investment arm, BOCI, has issued the first Chinese tokenized notes in Hong Kong. According to UBS, BOCI issued CNH 200 million on the Ethereum blockchain. The project was done in collaboration with UBS and BOCI.

BOCI is a prominent Chinese Investment bank that has a strong presence in Hong Kong’s capital market due to its comprehensive cross-border services platform and internationalized framework. With the highest corporate credit rating among Chinese Investment banks, BOCI has grown and prospered during China’s reforms and opening-up. 

BOCI offers investment banking services in mainland China and overseas markets, including share issuance, mergers, acquisitions, bond issuance, fixed income, private banking, private equity, global commodities, asset management, equity derivatives, and leveraged financing.

UBS Group AG is a Swiss investment bank and financial services company, the largest Swiss banking institution and private bank globally. It offers financial advice and solutions to wealthy, institutional, and corporate clients worldwide, including private clients in Switzerland. 

The tokenized asset becomes “the first product of its kind in the Asia Pacific constituted under Hong Kong and Swiss law and tokenized on the main Ethereum blockchain,” the report says.

Speaking about the project, Ms. Ying Wang, Deputy CEO at BOCI, said that the idea is a great success for BOCI as the investment bank is pleased to champion “innovation in technology finance and digital finance.” She added that the relationship with UBS will drive further development of the digital asset market for users in the Asia Pacific region.

The Global Head of MTN Trading at UBS noted that they are excited to work with BOCI in introducing a fully regulated product on a public blockchain. He believes the blockchain will enhance the efficiency of activities for the company which will be an advantage to its investors.

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