China Construction Bank – ranked 2nd globally assets-wise – is reportedly teaming up with Malaysian and Singaporean associates, to explore blockchain implementation across the bond market. 

Specifically, China Construction Bank’s branch in Labuan, Malaysia has collaborated with a local fintech startup to release the so-called the first-ever blockchain-powered digital security – designed by a financial entity from China. 

The bond issuance was, however, postponed until further update,and trading of the first tranche as tokenized certificates of deposits, was not available on the Labuan-regulated Fusang Exchange. 

Nevertheless, it reportedly turned out there has been a chance of involved parties. Malaysia’s national stock exchange, Bursa Malaysia and the Labuan Financial Exchange are both now collaborating. 

In replacement for the initial use of Ethereum blockchain, the parties are reportedly deep diving into using a proof-of-concept for the bond with STACS – a Singapore-based fintech development company, focused on blockchain-powered solutions for capital markets. 

STAC has reportedly built a blockchain-powered platform – goes by the name Trident – and has successfully secured a financial industry tech and innovation proof-of-concept grant from the Monetary Authority of Singapore.

“Using […] Trident […] bond templates were mirrored onto smart contracts for rapid deployment, while operational workflows were streamlined to increase efficiency and flexibility in settlement cycles. Together with CCB Labuan, CIMB and Maybank, the [proof-of-concept] simulated several bond issuances which were all issued and managed on the STACS Blockchain.”