Chinese is the top language
“ The Philippines will sell its first tokenized Treasury bond next week!”
The Philippines will sell its first tokenized treasury bond on November 20 to raise 10 billion pesos ($179 million).
The groundbreaking financial venture marks a major shift in domestic debt market strategy and reflects a broader trend in Asia toward using blockchain and tokenized securities.
1. "Philippines tests tokenized government bonds"
The Ministry of Finance has replaced a planned bill auction with this new tokenized bond issuance. This is a sign of the country’s adaptation to modern financial technology and its commitment to developing the domestic debt market.
Tokenized bonds are expected to increase liquidity and transparency in the debt market. This will be an important step forward in financial innovation.
Treasury representative Erwin Sta. Anna commented on the potential of the technology, saying:
“We will continue to work on this technology and test how far we can go.”
This also shows that the government is still interested in exploring the future of tokenized bonds beyond the initial issuance.
The new tokenized bonds are expected to be launched in November 2024 and will be issued to institutional buyers with minimum denominations and incremental options set by the Bureau. This structured approach to the bond issuance reflects the government’s careful planning and foresight in managing this new financial instrument.
The Development Bank of the Philippines and the Land Bank of the Philippines are taking up the issue, with further emphasis on major national financial institutions to participate in the initiative.
By 2030, the tokenization of illiquid assets worldwide is expected to reach $16 trillion.
2. Type 1: Hong Kong leads the tokenization process
Meanwhile, Hong Kong is leading the way in incorporating blockchain technology into financial services. Hong Kong’s Financial Services and Finance Bureau (FSTB) recently announced a number of fintech and tokenization initiatives. These also include the launch of an integrated fund platform (IFP) and the promotion of applications related to the real economy. Hong Kong Finance Minister Paul Chan Mo-po stressed the importance of these initiatives, saying: “Empowering financial institutions to accelerate digitalization and product innovation, better serve the real economy, and provide the public with more convenient, cheaper and more comprehensive services.” The statement underscores the government’s commitment to strengthening Hong Kong’s financial services industry and the real economy through fintech development.
Conclusion
Overall, the Philippines’ foray into tokenized treasuries and Hong Kong’s fintech initiatives represent significant trends in Asia’s financial markets. These developments demonstrate the region’s readiness to adopt advanced technologies. It also highlights its willingness to keep pace with its peers in the global financial sector.
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✏️Disclaimer: This article is for reference only, DYOR
Source: Alpha Investment Research
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