UnionBank, the largest bank in the Philippines, and Standard Chartered Bank have completed proof of concept testing for an $187 million tokenized block bond issue, a press release said.
The platform was created by the Singapore company SC Ventures, which is a financial division of Standard Chartered. The purpose of the joint project with UnionBank is to provide retail investors with direct access to debt securities.
„Worldwide, the bond infrastructure is Bitcoin Revolution primarily aimed at institutional investors. It involves a number of intermediaries for the purchase and subsequent trading of bonds, which makes them less accessible to retail market participants,“ said Aaron Gwak, Director 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 was the first financial institution in the Philippines to issue its own digital currency.
The Philippine central bank is also studying the possibility of issuing a national digital currency (CBDC).