TechFlow News — China Construction Bank plans to issue digital depositary receipts worth $3 billion on a blockchain. The bank has partnered with Hong Kong-based fintech firm Fusang to launch this $3 billion bond sale on the blockchain, making China Construction Bank the first domestic bank to issue digital securities using blockchain technology.
The $3 billion digital depositary receipts will be traded on the Labuan Digital Exchange in Malaysia. Investors may even use Bitcoin to purchase them on Fusang Exchange, a digital exchange licensed by Malaysia’s Labuan Financial Services Authority. The transaction can also be conducted in U.S. dollars and is expected to begin on November 13. As part of this $3 billion digital depositary receipt initiative, China Construction Bank will also offer digital certificates worth $58 million for public subscription. So far, China Construction Bank has not commented publicly on the matter. However, Felix Feng Qi, CEO of the bank's Labuan branch, said the issuance aims to bridge the gap between fintech and the broader financial market. (South China Morning Post)
