The layout of the virtual asset sector in Hong Kong is accelerating, with traditional financial giants embracing the crypto world at an unprecedented speed and depth. Recently, CMB International, a subsidiary of China Merchants Bank, announced a collaboration with Singapore's digital exchange DigiFT and Solana blockchain service provider OnChain to tokenize a US dollar money market fund that is mutually recognized in Hong Kong and Singapore, issuing the token CMBMINT on-chain. This marks the first instance of a tokenized public fund across multiple jurisdictions and is the first fund from a Chinese bank group to have Real World Assets (RWA) on-chain.
- CMB International Public Fund "On-Chain": A Milestone in RWA Tokenization
The world's first cross-jurisdiction tokenized public fund: CMB International, in collaboration with DigiFT and OnChain, is tokenizing a US dollar money market fund that is mutually recognized in Hong Kong and Singapore, issuing the token CMBMINT on-chain. This is the first tokenized fund to appear across multiple jurisdictions, holding groundbreaking significance.
Chinese Bank's RWA Debut: This issuance marks the first fund from a Chinese bank group to have RWA assets on-chain, aligning with Hong Kong's policy to establish itself as an "international virtual asset center."
Fund Details: The tokenized asset is the CMB International US Dollar Money Market Fund (CMBMINT), a US dollar-denominated money fund established in February 2024. Seventy percent of the fund's capital is invested in low-volatility instruments such as short-term high-quality US deposits, treasury bills, and commercial paper, while thirty percent is invested in non-US dollar-denominated short-term deposits and high-quality money market instruments, overall pursuing capital preservation and stable returns. The fund has performed excellently, ranking first among similar money market funds in the Bloomberg Asia-Pacific rankings as of July 31, 2025.
Multi-Chain Deployment: In addition to its initial launch on the Solana chain, the CMBMINT token will subsequently be deployed on Ethereum, Arbitrum, and Plume Network, becoming the first money market fund token to support multi-chain operations.
Compliance and Security: CMBMINT adopts an innovative and robust model for regulatory compliance, with the fund itself still under the supervision of the Hong Kong Securities and Futures Commission and the Monetary Authority of Singapore (through a mutual recognition mechanism), while the issuance and trading of the tokens occur on the platform of the licensed institution DigiFT in Singapore. The smart contracts for the fund tokens have undergone rigorous security audits and incorporate risk reserves and Proof of Reserve mechanisms to ensure the safety, transparency, and sufficiency of on-chain assets.
- The Operators Behind RWA: The "Century Cooperation" of DigiFT and OnChain
The fund tokenization project brings together multiple forces from traditional finance and the blockchain sector. CMB International Asset Management provides high-quality fund assets and regulatory compliance assurance, DigiFT offers the on-chain issuance and trading platform, and OnChain is responsible for underlying technology deployment and public chain distribution support, with the three working together to achieve the on-chain issuance of traditional money funds.
DigiFT: A Pioneer in On-Chain Compliance Exchanges: DigiFT is a Singapore fintech company established in 2021, recognized as a formal market operator (RMO) by the Monetary Authority of Singapore and holding a Capital Markets Services (CMS) license. DigiFT has mature compliance operation experience and innovative on-chain trading technology, playing the role of issuer and exchange in the CMBMINT project.
OnChain: The RWA Technology Driver: OnChain is a fintech company focused on the on-chain allocation of global assets, with core team members from both traditional finance and blockchain backgrounds. Supported by top institutions such as CMB International (CMBI), UBS, and Invesco, it provides on-chain investment solutions covering money market funds, bond funds, and non-standard fixed income products, and plans to support global ETFs and mainstream stock market investments in the future, promoting deep integration between traditional finance and the on-chain ecosystem.
- CMB International's Blockchain Layout and Ambitions: From Underlying Technology to Virtual Asset Services
As a state-owned traditional financial institution, CMB International is among the early players in the blockchain industry.
Investment in Underlying Technology: CMB International's earliest involvement in the blockchain sector dates back to the end of 2017, when it participated in the Pre-A round financing of the Chinese blockchain technology startup Cryptape and invested in the Chinese star public chain project Nervos Network.
Ecosystem Fund and Diversified Expansion: Since 2019, CMB International has conducted in-depth research on blockchain applications such as payment clearing, tokenization, and identity verification, and has discussed decentralized finance (DeFi) service solutions with institutions like the Nervos Foundation. In May 2021, CMB International and Nervos officially launched a blockchain ecosystem fund totaling $50 million, named "InNervation."
Exploration of Virtual Asset Services: In recent years, CMB International has begun to explore new fields that integrate digital assets and financial technology. On July 14, 2025, CMB International Securities Limited officially received approval from the Hong Kong Securities and Futures Commission, becoming the first Chinese bank-affiliated brokerage in Hong Kong to obtain a virtual asset trading service license.
- The RWA Era: Deep Integration of Major Institutions and Future Prospects
Market Trends: An increasing number of institutions collaborating with on-chain projects reflects a trend where only the combined forces of regulation, assets, and technology can truly bring RWA projects to fruition and achieve success.
Promotion by Asian Financial Institutions: Asian financial institutions (new policies in Hong Kong, sandbox in Singapore) are building a stage for such cross-border blockchain innovations. In the future, as more traditional giants and blockchain innovation companies "connect," we have reason to expect more cross-market and cross-technology collaborations, promoting the maturity of real-world assets on-chain and bringing new possibilities for the globalization of financial markets.
Conclusion:
The "on-chain" CMB International public fund marks a key step in RWA tokenization and reveals the ambitions of Chinese banking giants in the RWA field. Behind this "century cooperation" is the deep integration of traditional finance and blockchain technology, as well as the combined forces of regulation, assets, and technology. With the arrival of the RWA era, we have reason to expect more cross-market and cross-technology collaborations, promoting the maturity of real-world assets on-chain and bringing new possibilities for the globalization of financial markets.
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Original Article: “CMB International Fund On-Chain: Breaking New Ground in Cross-Border RWA Tokenization”
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