Author: Wenser, Planet Daily

On August 13 (Wednesday), Solana's official announcement revealed the collaboration between CMB International, DigiFT, and OnChain to issue an on-chain fund. The article mentioned: "CMB International has completed the tokenization of its Hong Kong-Singapore mutual fund on the Solana chain, with the token code CMBMINT. Additionally, this is the world's first publicly offered fund on the Solana ecosystem." Odaily Planet Daily will provide a brief analysis of this matter for readers' reference.

The Wave of Fund Tokenization Arrives, Leading Funds in the Asia-Pacific Region Join In

When mentioning CMB International, one cannot overlook its parent company, China Merchants Bank.

It is understood that China Merchants Bank holds 100% of CMB International through CMB International Holdings and China Merchants Yonglong Bank, while CMB International has its own subsidiary, CMB International Securities. According to China Merchants Bank's 2024 annual report, CMB International has total assets of HKD 80.813 billion, achieving a net profit of HKD 1.307 billion in 2024, with asset management business scale reaching HKD 130.327 billion, a 14.86% increase from the end of the previous year, and completing 38 Hong Kong IPO projects.

On July 14 of this year, CMB International officially received approval from the Hong Kong Securities and Futures Commission (SFC), becoming the first Chinese bank-affiliated brokerage in Hong Kong to obtain licenses for virtual asset trading services. This move marks the formal entry of traditional financial giants into the Hong Kong digital asset market, following the upgrades of virtual asset licenses by Chinese brokerages such as Guotai Junan International and Tianfeng International Securities.

Now, CMB International has officially entered the RWA field, partnering with Singapore-licensed RWA exchange DigiFT and Solana ecosystem professional service provider OnChain to successfully tokenize its US dollar money market fund on-chain. The fund has demonstrated outstanding historical performance—according to public data, since its establishment in February 2024 until the end of July 2025, its cumulative return rate has consistently ranked first among similar funds in the Asia-Pacific region. (Note: The return rate is calculated based on net asset value, including reinvested dividends.)

CMB International's collaboration with DigiFT and OnChain combines the advantages of traditional financial institutions and on-chain financial service providers in terms of technology, compliance, and user experience, including:

• First, the fund has received simultaneous recognition from regulatory authorities in both Hong Kong and Singapore;
• Second, this token product is the first to support deployment on public chains such as Solana, Ethereum, Arbitrum, and Plume, and is the first token product on the Solana chain linked to the performance of publicly offered money market funds;
• Third, the token product supports both fiat and stablecoin subscriptions and redemptions;
• Fourth, the token product provides real-time redemption through self-developed liquidity management contracts.

It is understood that DigiFT is the first on-chain digital asset platform to obtain recognition from the Monetary Authority of Singapore (MAS) as a Recognized Market Operator (RMO) and Capital Markets Services (CMS) license holder, while OnChain is a professional RWA service provider in the Solana ecosystem. The collaboration between the two and CMB International is a strong alliance.

Moreover, this move by CMB International may have broader and deeper impacts, serving as a significant demonstration for the development of the Hong Kong digital asset industry, the flow of funds in inland areas, and the Solana ecosystem.

Subsequent Impact Analysis: Hong Kong and Inland Areas Flourish, Solana Ecosystem Realizes Dreams in the Internet Capital Market

From a regional perspective, the tokenization of publicly offered funds by CMB International not only opens up new investment possibilities for professional investors in Singapore but also brings new ideas for investment choices and industrial development in inland and Hong Kong regions. For the cryptocurrency industry, the Solana ecosystem may become a landing zone for more traditional financial institutions' established funds.

For Hong Kong: Promoting Industrial Development and Attracting Investment Funds

As emphasized in DigiFT's official announcement, "CMB International Asset Management actively responds to the call of the 'Hong Kong Digital Asset Development Policy Declaration 2.0' through innovative practices in product tokenization and on-chain issuance and distribution via DigiFT. This innovative initiative breaks down the barriers between on-chain and off-chain, completely reshaping traditional fund sales, operations, and investment models, allowing investors to conveniently invest in high-quality financial products in Hong Kong, thereby enhancing Hong Kong's competitiveness in the global digital asset management field."

In other words, this move allows more funds to enter Hong Kong through the channel of fund tokenization, becoming part of the liquidity in the development process of Hong Kong's digital asset industry; and to some extent, it enhances Hong Kong's attractiveness to RWA investors.

For the Solana Ecosystem: Accelerating the Development of the Internet Capital Market

The focus of Solana's official and ecosystem development has always been on the concept of the "Internet Capital Market," and the emergence of CMB International's tokenized fund adds significant weight to this concept.

As a leading fund institution in the Asia-Pacific region, CMB International's choice of Solana as one of the important ecosystems for fund tokenization also provides a model for the subsequent development of the RWA sector in Solana. As mentioned in tweets and comments by Solana's official and important infrastructure in the Solana ecosystem, Raydium: "This is evidence of the Internet Capital Market happening in the Solana ecosystem."

For Inland Areas: More Chinese Bank-affiliated Brokerages May Enter the RWA Sector

For inland areas, although it may be difficult for investors to obtain similar investment opportunities in the short term, CMB International, as a subsidiary of a Chinese bank, has a certain demonstration effect and may attract more Chinese bank-affiliated brokerages and their subsidiaries to enter the RWA sector.

It is understood that besides CMB International, other Chinese bank-affiliated brokerages in Hong Kong include ICBC International, China Jianyin Investment, Agricultural Bank of China International, Bank of China International, and China Merchants Jinling International, as well as Shanghai Pudong Development Bank International. Following internet giants like Ant Group and JD Group, Chinese banks will also participate in the market competition in the RWA sector.

Conclusion: Fund Tokenization Expected to Further Expand the Global Investment Landscape

With the continuous development of the RWA industry, the RWA assets encompassed by on-chain tokenized products will be further expanded, and the global investment landscape will also be further broadened. As the industry develops to a certain extent, the liquidity of the cryptocurrency sector will be deeply coupled with the funds in the traditional financial sector, allowing for efficient utilization of fund liquidity, enabling professional investors from around the world to freely participate in fund investments and stock investments in different regions.

At that time, tokenized products will become mainstream in the financial investment field.

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