With Standard Chartered Trustee (Hong Kong) serving as the Open-Ended Fund Company custodian to the fund, Standard Chartered Bank and China Asset Management (Hong Kong) (ChinaAMC (HK)) intend to introduce one of the first tokenized retail money market funds in the Asia Pacific. The two organisations plan for the launch to happen by the end of February 2025.
The announcement comes just a month after Standard Chartered launched its crypto services for customers and partners across Europe, after receiving a digital asset licence under the Markets in Crypto-Assets (MiCA) regulation. The bank established a new entity in Luxembourg, which acted as its EU regulatory entry point for offering secure crypto and digital asset custody solutions.
Leveraging the technology of Libeara, an SC Ventures incubated tokenization platform, Standard Chartered works with ChinaAMC (HK) to develop an ecosystem for its tokenized money market fund, including a suite of securities services and technology solutions to support tokenization of the fund, fiduciary, fund administration, custody, and cash services.
Commenting on the news, representatives from ChinaAMC (HK) underlined that Standard Chartered’s commitment to advancement in Web 3.0 falls in line with the strategic vision of China 2 Asset Management (Hong Kong). By utilising the financial institution’s custody services and tokenization platform, ChinaAMC (HK) successfully supported the issuance of this tokenized money fund. Additionally, through this collaboration, ChinaAMC (HK) intends to assist Hong Kong in developing a hub for digital finance while also delivering technologically enabled financial products for investors.
Furthermore, Standard Chartered highlighted its plans to continue to help more institutional clients globally in accessing the digital asset ecosystem, with its assistance in Hong Kong coming shortly after it launched its digital asset custody services in the UAE in the Middle East and, as previously mentioned, in Luxembourg in Europe.
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