Hong Kong has reportedly hired a group of banks to help set up a digital hub to issue green bonds using blockchain technology.
According to a Bloomberg report, the city is in talks with HSBC, Credit Agricole, Bank of China, Industrial and Commercial Bank of China and UBS to establish a group aimed at exploring the possibility of a multi-series fixed rate digital green bond issuance.
As per sources close to the matter, Hong Kong is weighing issuing digital bonds on a distributed ledger developed by HSBC. The digital bonds are expected to be denominated in U.S. dollars, euros, offshore yuan and the Hong Kong dollar, with tenors of up to two years, Bloomberg’s sources added.
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With the latest move, Hong Kong is apparently looking for a new way to position itself as a leader in the digital asset space. In early December 2023, crypto.news reported that over 11% of the global venture capital funding in blockchain and crypto was funneled towards ventures based in Hong Kong and Singapore throughout 2023.
According to analysts at PitchBook, the change of capital flow may be attributed to the collapse of Sam Bankman-Fried’s FTX crypto exchange and the subsequent bankruptcy domino effect it had on U.S.-based crypto companies.
In mid-November 2023, the New York-based crypto investment firm CoinFund announced the expansion of its services in Asia as regulatory challenges for the industry in the U.S. persist. CoinFund was not the only crypto-focused VC firm, which expanded its reach in Hong Kong. Hivemind Capital Partners, the other U.S.-headquartered investment crypto firm, also landed in the region earlier in November 2023.
Read more: Hong Kong to allow retail investors to participate in spot ETFs
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