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Standard Chartered, Philippines Bank Issue $187M Blockchain Bond
The proof-of-concept issuance of tokenized bonds was carried out on a blockchain platform built by Standard Chartered's fintech investment unit.
Standard Chartered Bank and UnionBank of the Philippines said Monday they have completed a proof-of-concept issuance of a 9 billion Philippines peso (US$187 million) tokenized retail bond on a blockchain-backed platform.
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- Singapore-based SC Ventures – Standard Chartered's fintech investment unit – was responsible for building the bond tokenization platform in collaboration with UnionBank.
- In total there were three- and 5.25-year dual-tranche issuances totaling $187 million by UnionBank that were mirrored in tokenized form on the platform, according to the announcement.
- The project aims to provide retail investors with a platform to gain direct access to bonds.
- “The bond infrastructure around the world has been designed primarily for institutional investors and involves a number of intermediaries to buy and subsequently trade bonds, making it less accessible to retail investors," said Aaron Gwak, Standard Chartered Bank's head of capital markets, ASEAN.
- This is not the first time the two banks have partnered on a bond issuance. Earlier this year, Standard Chartered and UnionBank teamed up to launch Bonds.PH, a platform for retail treasury bonds, in collaboration with the Philippine's Bureau of the Treasury and PDAX, a digital assets exchange.
- UnionBank has also issued its own stablecoin, PHX, according to a 2019 report from Filipino media outlet PhilStar Global. With the issuance, the bank also reportedly conducted the first blockchain-based transaction by a Filipino bank.
See also: Standard Chartered to Launch Institutional Crypto Custody Solution
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
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