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What’s new: The state-owned China Construction Bank Corp. (CCB), the second largest bank in the world by assets, helped complete the proof-of-concept of a bond issued and managed on the basis of blockchain technology, a project jointly led by the exchange national values of Malaysia Bursa Malaysia Berhad and Singapore-based fintech firm Hashstacs Pte. Ltd.
CCB’s subsidiary located in the Malaysian offshore financial hub of Labuan has been involved in testing and simulating bond issuance on the blockchain-based platform developed by Hashstacs, along with two of the largest Malaysian lenders, according to Hashstacs Thursday declaration.
What is the background: At first announced In July, the bond project aimed to demonstrate that blockchain technology can provide efficiency, transparency and trust for the benefit of the bond market, Bursa Malaysia CEO Datuk Muhamad Umar Swift said in the statement.
Last month, the planned issuance of a $ 3 billion bond in Malaysia – billed as the “first publicly traded debt on a blockchain” – was suspended, with CCB’s Labuan branch serving as lead arranger and listing sponsor for the deal. No reason was ever released for the delay.
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Related: The Chinese bank’s Blockchain bond listing was suspended days after the announcement
Contact reporter Luo Meihan ([email protected]) and publisher Marcus Ryder ([email protected])
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