Standard Chartered Bank as well as UnionBank of the Philippines recently Monday added that they have completed a proof-of-concept issuance of a 9 Bln Philippines peso [$187 Mln] tokenized retail bond on a blockchain-backed platform.
Singapore-based SC Ventures – Standard Chartered’s fintech investment unit – was liable for building the bond tokenization platform together with UnionBank.
Additionally, there were 3 & 5.25-year dual-tranche issuances totaling $187 Mln by UnionBank that were mirrored in a tokenized form on the platform, consistent with the announcement.
The project is aimed to offer retail investors a platform to gain direct access to bonds.
“The bond infrastructure around the world has been designed primarily for institutional investors and involves a variety of intermediaries to shop for and subsequently trade bonds, making it less accessible to retail investors,” explained Aaron Gwak, Standard Chartered Bank’s head of capital markets, ASEAN.
This is not the primary time the 2 banks have partnered on bond issuance.
Also earlier this year, Standard Chartered and UnionBank teamed up to launch Bonds.PH, a platform for retail treasury bonds, together with the Philippines’ Bureau of the Treasury and PDAX, a digital assets exchange.
UnionBank has also issued its own stablecoin, PHX, consistent with a 2019 report from Filipino media outlet PhilStar Global. With the issuance, the bank also reportedly conducted the primary blockchain-based transaction by a Filipino bank.
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