Today Union Bank of the Philippines and Standard Chartered Ventures said they co-created a blockchain platform for retail bond issuance. It was used as part of a proof of concept to tokenize PHP 9 billion ($190 million) of bonds issued by UnionBank. To comply with retail bond guidelines, the tokens mirrored a traditional transaction, and the tokens were not allocated directly to investors.
“We are keen to see the day when investors can buy and sell bonds, even on the secondary markets at a click of a button on their phones,” said Jose Emmanuel Hilado UnionBank EVP and CFO. “This proof of concept begins the journey of the democratization of bonds.”
The process was completely paperless, including account verification, ensuring the investment was appropriate for the client, and the customer application.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
