After making an attempt earlier, the China Construction Bank has joined hands with a new set of partners on the drawing board.
A news post on Cointelegraph stated that China Construction Bank, which is one of the world’s second-largest bank in asset holding, is planning to join hands with Malaysian and Singaporean partners for new testing in blockchain technology.
They want to come up with ways to use technology in the bond market. It was previously announced that the China Construction Bank branch that is located in Labuan, Malaysia partnered with Labuan-based Fintech for issuing the first-ever blockchain-based digital security.
The digital security was to be then issued by Chinese based financial institution. Unfortunately, things didn’t go as planned. Now they are designing a new proof for a blockchain-based bond.
Blockchain & CryptoCurrency News had tweeted about China Construction Bank’s blockchain bond efforts.
CCB Labuan had come up with a plan for using the Ethereum blockchain for issuing bonds. They wanted to do so and raise around $3 billion. The firm wanted to start with a tranche of $58 million from institutions and users.
A news post on Webuybitcoins claimed that a proof of concept is now being used, instead of the Ethereum blockchain. They plan on partnering with STACS, which is a Singaporean fintech development firm.
They use blockchain technology in capital markets. STAC has designed a blockchain-based platform known as Trident. The firm has awarded financial sector technology with the grant for proof of concept from the Monetary Authority of Singapore.
Bursa Malaysia is another partner for the efforts in designing the project. They announced, trident bond templates will be mirrored in smart contracts. It will be done for ensuring that there is quick deployment, and operational work will be deployed for increasing efficiency and flexibility in the settlement cycle.
If this venture is successful, then it just goes to show that private sector fintech firms as well as banks can work to improve the efficiency and transparency in the blockchain market. The project aims to take things further in blockchain technology for the next phases.