CMB International launches the world's first on-chain fund approved by Hong Kong.
As the wave of Real World Asset (RWA) tokenization sweeps across global financial markets, the competition and cooperation between Hong Kong and Singapore is entering a new chapter.
On August 9, CMB International announced that it has partnered with the Singapore licensed RWA exchange DigiFT to successfully tokenize and distribute its 'CMB International US Dollar Money Market Fund' on-chain, becoming the world's first public fund to receive joint regulatory approval from both Hong Kong and Singapore and successfully go on-chain, marking an important milestone for traditional financial products moving into the blockchain world.
CMB's multi-chain deployment and multi-currency support target qualified investors in Singapore.
According to the official press release, CMB International's tokenized US dollar money market fund is primarily aimed at qualified investors in Singapore.
Through the DigiFT platform, this fund will be issued simultaneously on multiple mainstream public chains such as Solana, Ethereum, Arbitrum, and Plume, making it the world's first public fund tokenized product issued on the Solana public chain.
To break down the funding barriers between traditional finance and the crypto world, this product simultaneously supports both fiat and stablecoin for subscription and redemption, and provides instant liquidity for tokens through smart contracts developed by DigiFT, significantly enhancing investment efficiency and convenience.
Hong Kong strongly promotes Digital Asset 2.0 policies to pave the way for RWA development.
CMB International actively responds to the Hong Kong government's policies promoting the development of digital assets through the issuance of tokenized assets.
This year, the Hong Kong government published the 'Hong Kong Digital Asset Development Policy Declaration 2.0', proposing the 'LEAP' four strategic frameworks, aiming to improve legal regulations, expand the variety of tokenized products, promote application scenarios, and develop talents and partnerships.
Hong Kong's Financial Secretary Paul Chan stated at the time that the government is building a digital asset ecosystem that integrates with the real economy, consolidating Hong Kong's position as an international financial center.
CMB International also clearly pointed out that this move breaks the barriers between on-chain and off-chain, enhancing Hong Kong's competitiveness in the global digital asset management field, demonstrating that its actions are highly aligned with the strategic direction of the Hong Kong government.
Further reading:
Hong Kong's Digital Asset Declaration 2.0 is out! The Hong Kong government proposes four major strategies to build a global innovation center.
Singapore becomes a testing ground for tokenization, with global giants vying to establish a presence.
At the same time, Singapore has also been actively building a globally leading tokenization center in recent years.
The Monetary Authority of Singapore (MAS) announced as early as November 2024 the launch of the 'Project Guardian' initiative, collaborating with over 40 financial institutions globally to study the commercial applications of asset tokenization.
(Crypto City) previously reported that this program attracted participation from agencies like S&P Global Ratings to jointly study the tokenization standards for fixed-income products.
Japanese financial giant SBI is also collaborating with Singapore through this program to promote tokenized securities, and even plans to issue tokenized notes backed by luxury wine.
Against the backdrop of global giants vying to establish a presence in tokenization, CMB International, through cooperation with licensed institutions in Singapore, not only successfully entered the Singapore market but also hopes to capture a key position for Hong Kong's financial strength in the fierce competition of the global RWA market.
Further reading:
Japan's SBI collaborates with Singapore to promote global tokenized assets; can wine also go on-chain?
The article 'CMB Launches On-Chain Fund! Becomes the World's First Fund with Joint Recognition from Hong Kong, Now On-Chain, Supporting Fiat and Stablecoins' was first published in 'Crypto City'.
