In collaboration with Union Bank of the Philippines, Standard Chartered Bank has completed a proof of concept (POC) for the issuance of a retail bond on a digital platform using blockchain technology for bond tokenization. UnionBank’s totaled U.S. $187 million dual-tranche issuances for 3 and 5.25 years, was reflected on the platform developed by UnionBank and SC Ventures. It is the innovation arm of Standard Chartered.
SC Ventures developed the Bond Tokenization.
The process was entirely paperless. It includes account verification; thus, assuring the investment was relevant for the client and the consumer application. Orders received were tokenized. Moreover, to linger in enduring retail bond guidelines, the tokens issued imitated the conventional transaction. However, they were not directly designated to investors. SC Ventures developed the bond tokenization platform making the process easier, quicker, and broadly available. Moreover, the project intends to offer retail investors a platform to obtain direct access to bonds.
The proof of concept (POC) with Standard Chartered accompanies UnionBank’s other initiatives on blockchain-enabled bond issuances. This is in reference with particularly the launch of Bonds.PH, a platform for retail treasury bonds created in association with the Philippine Bureau of the Treasury and Philippine Digital Asset Exchange (PDAX). Bonds.PH was introduced earlier this year for the issuance of the “Progreso Bonds” or Philippines’ RTB-24 and is presently one of the channels to buy the second offering of “Premyo Bonds (PB-2)” till December 11. In accordance with a 2019 report from Filipino media outlet PhilStar Global, UnionBank has also published its stablecoin, PHX.
Conclusively about Standard Chartered Bank, it has also ventured into various blockchain initiatives. Recently, Standard Chartered Bank revealed that it had inked a deal with Amazon Web Services (AWS). It intends to provide new services linked to digital banking in a secure environment. The bank elucidates that the new agreement is a strategic global agreement to boost its digital transformation. Moreover, the association will allow the Standard Chartered Bank to use AWS to promote digital modification and customized banking services.
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