Blockchain
The product was developed by UBS and placed with its customers in Asia Pacific, representing a long-standing partnership between BOCI and UBS in digital structured banknotes.
BOCI has a long history of serving diverse customers through continuous product innovation. It is a leading Chinese issuer with a full range of products, a large issue volume and a complete service to its customers. The Bank of China wholly owned investment bank was the first Chinese financial institution to issue structured notes abroad.
UBS, on the other hand, issued a $50 million token fixed-income note under English and Swiss law in December 2022, digitized on an approved blockchain. UBS continues to expand its tokenization services, through UBS Tokenize, for 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 Asia Pacific, incorporated under the law of Hong Kong and Switzerland and tokenized on the main Ethereum blockchain, successfully introducing regulated securities on a public blockchain.
“BOCI is thrilled to be at the forefront of innovation in technology finance and digital finance,” said Ms. Ying Wang, BOCI Deputy CEO. “In partnership with UBS, we are driving the simplification of digital asset markets and products for Asia Pacific clients by developing blockchain-based digital structured products designed specifically for Asia Pacific clients. We are encouraged by the evolution of Hong Kong’s digital economy and are committed to fostering the digital transformation and innovative development of Hong Kong’s financial sector.”
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