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The deal, which aims to raise up to $3b in total, will allow investors to buy digital tokens that are backed by deposits at the bank’s branch in Labuan, an island tax haven in Malaysia. The move comes amid a wider push towards new technologies in China’s rapidly evolving financial industry, with the central bank working on a digital version of the renminbi after a period in which online payments systems have taken off.
“China is big on blockchain and all of the big Chinese banks are majorly engaged in this area,” said Henry Chong, chief executive of Fusang Exchange, where the tokens will be traded and which uses blockchain technology to record ownership. He said the deal would allow global investors to “benefit from access to an investment previously reserved for only the largest institutions, together with low and transparent fees”.
https://www.ft.com/content/28bf41ef-a5ba-4819-a494-d4b0c87ad0d9
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