Standard Chartered Backs Tokenised Retail Money Market Fund in Asia Pacific

Standard Chartered Bank Hong Kong (SCBHK) is supporting China Asset Management (Hong Kong) to launch the first tokenised retail money market fund in Asia Pacific. 

Standard Chartered will act as the digital asset service provider for China Asset Management, as they look to launch the fund by the end of February. SCBHK subsidiary Standard Chartered Trustee will also act as the open-ended fund company custodian for the fund.

Mary Huen, CEO of Hong Kong and Greater China and North Asia at Standard Chartered, said: “We are pleased to strategically combine our strengths in traditional custody services and innovative fintech capabilities to support ChinaAMC (HK) in launching the first tokenised retail money market fund in Asia Pacific in the near future, marking another milestone in the development of Hong Kong as a global digital assets hub. Standard Chartered believes that digital assets are fundamentally transforming the ecosystem of the financial markets.”

By leveraging technology developed by Libeara, an SC Ventures incubated tokenisation platform, Standard Chartered will collaborate with ChinaAMC to build an ecosystem for its tokenised money market fund, with a comprehensive suite of securities services and technology solutions to enable tokenisation of the fund, fiduciary, fund administration, custody and cash services.

Launching digital asset custody services

Tian Gan, CEO of ChinaAMC HK, also added: “Standard Chartered’s dedication to innovation and advancement in the realm of Web 3.0 aligns seamlessly with the strategic vision of China Asset Management (Hong Kong).

“Leveraging Standard Chartered’s cutting-edge custody services and groundbreaking tokenisation platform, we have successfully facilitated the efficient issuance of this tokenised money fund. Through this partnership, we aspire to assist Hong Kong in establishing a hub for digital finance, while simultaneously providing technologically-enabled innovative financial products to investors.”

Margaret Harwood-Jones, global head of financing and securities services at Standard Chartered, said: “This is another testimony of how our award-winning custody and fund administration services enable clients to unlock rising new opportunities. And this is just the beginning of an important journey.

“With our digital asset custody services already launched in the UAE in the Middle East and Luxembourg in Europe, we are keen to support more institutional clients worldwide to access the fast-growing digital asset ecosystem.”