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The chief executive of a Chinese bank tests RWA: the deep implications of China Merchants International’s issuance of token funds on the Solana chain and the changes in the industry Hello everyone, I am Hu Chenkai。  As the digital economy and blockchain wave sweep across the global financial industry, at the end of 2024 or the beginning of 2025 (the specific time depends on the actual event), a piece of news from the depths of the capital market stirred up a stir: China Merchants Bank International (referred to as "CMBI"), a subsidiary of China Merchants Bank that focuses on overseas business, has reportedly successfully issued a tokenized investment fund representing Real World Assets (RWA) on the high-speed public chain Solana. This move is not just an ordinary business innovation by a financial institution, but is widely interpreted as the first time that a mainstream banking giant with a Chinese capital background has entered the "deep water area" of blockchain capitalization with such a clear and cutting-edge attitude. The symbolic meaning and potential impact of the tasting of this "first crab" goes far beyond the event itself. It marks a landmark step for China's financial system in embracing the forefront of financial technology and exploring the global journey of asset digitization. This is not only about the strategic choice of a bank, but also indicates that the entire industry may face a profound paradigm shift. one, Icebreaker: Decoding China Merchants International Solana chain RWA Fund’s core features To understand the importance of this matter, we first need to analyze its core components. This water test combines three key elements, which together constitute its "ice-breaking" attribute. Benchmarking of subject identity:Behind the issuer "China Merchants International" stands China Merchants Bank, one of the most market-oriented commercial banks in China. Unlike many start-up blockchain-native institutions or technology companies, China Merchants Bank represents a traditional financial "regular army" that is subject to strict supervision, strong capital, and excellent reputation. Its entry is equivalent to a vote of confidence in the emerging field of RWA, which greatly enhances the legitimacy and credibility of the entire track in the eyes of mainstream investors. Behind this may be a well-thought-out strategic layout and a forward-looking judgment on the future financial form, rather than following the trend on a whim. Realistic Anchoring of Asset Classes: The core of RWA is to tokenize offline tangible or intangible assets through blockchain technology, making them liquid, divisible and more transparent. Although the details of the underlying assets selected by China Merchants International have not been disclosed, it is speculated that they may involve relatively stable assets such as trade receivables, specific real estate income rights, or screened private equity debt. This is in sharp contrast to some of the highly volatile native cryptocurrency assets in the market, and reflects the prudent and stable risk appetite of traditional financial institutions. It combines the efficiency advantages of blockchain technology with the value foundation of the real economy, providing investors with a digital bridge to the real economy. Strategic choice of technology path:Solana public chain. Abandoning building your own consortium chain or choosing other more conservative technical solutions, and directly embracing the Solana public chain, which is known for its high throughput and low transaction costs, is a very bold and far-sighted technical decision. This shows that China Merchants International is not pursuing simple internal efficiency improvement, but aims to integrate into a more dynamic, open and interconnected global financial ecosystem. Solana’s performance advantages can support high-frequency and large-scale financial transactions, laying a solid foundation for its fund’s future liquidity and scalability. This choice also sends a strong signal to the market: mainstream financial institutions are beginning to recognize and are willing to utilize the infrastructure of high-performance public chains. This is undoubtedly an important endorsement of the value of public chains. two, The driving force: why here and now? China Merchants International's move is not an isolated incident, but the inevitable result of the combined action of multiple factors. The pressure and traction of the global financial digitalization wave:In recent years, from New York to Singapore, from JPMorgan Chase to DBS Bank, the world's top financial institutions have been actively exploring asset tokenization. Deutsche Bank is already conducting RWA custody pilots, and the Monetary Authority of Singapore has launched the “Guardian Program” to explore tokenized applications. In this global competition, Chinese financial institutions with international vision must actively follow up if they do not want to fall behind. China Merchants International’s move can be seen as a key move for Chinese-funded institutions to participate in the global competition at the forefront of financial technology. Seeking new growth poles and efficiency improvements:Traditional financial businesses are facing challenges from narrowing interest margins and intensifying competition. RWA tokenization can significantly reduce the costs of asset issuance, trading, clearing and settlement, improve the efficiency of capital flow, reach a wider global investor group, and open up a new business blue ocean. For China Merchants Bank, which is known for its service and innovation, this is undoubtedly an important way to consolidate its competitive advantage. Gradual clarification of the regulatory environment:Although the global regulation of cryptocurrencies is still in the exploratory stage, regulatory attitudes towards the underlying technology blockchain and tokenized products backed by real assets are becoming pragmatic and open. Hong Kong's recent positive progress in the virtual asset regulatory framework has provided institutions such as China Merchants International operating in Hong Kong with a relatively clear policy environment, allowing their innovative attempts to follow rules. Changes in customer needs:The new generation of high-net-worth clients and institutional investors have increasingly strong demands for digital and global asset allocation. Being able to provide innovative products that combine the soundness of traditional finance with the convenience of digital finance has become an important means to attract and retain customers. three, Ripple Effect: Potentially Far-reaching Impact on the Financial Industry China Merchants International's "debut" is expected to have a series of chain reactions and profoundly affect the industry structure. Demonstration and catalytic effect on Chinese-funded peers:“China Merchants International has done it, can we do it? Do you want to do it? ”This will become a strategic issue that other Chinese banks, especially large state-owned banks and overseas branches of leading joint-stock banks, must seriously consider. A tokenization competition around RWA may quietly start among Chinese financial institutions, thereby accelerating the process of asset digitization in the entire Chinese financial industry. Promote the improvement of relevant laws, regulations and regulatory frameworks:Putting practice first will inevitably force supervision to follow up. This case will provide regulatory agencies with valuable real-world samples, help clarify a series of complex issues such as the legal attributes of tokens, investor protection, cross-border compliance, tax treatment, etc., and promote the introduction of more operational regulatory rules. Promote the accelerated integration of traditional finance and encrypted finance:The entry of China Merchants International is like building a solid bridge between traditional finance and crypto finance. More traditional capital may flow into the RWA field in a more compliant manner, and blockchain-native institutions will more actively seek to cooperate with licensed financial institutions to jointly build new financial infrastructure. The boundaries between the two will gradually blur, and a new ecology of integration and symbiosis is being nurtured. Challenges and risks coexist:Behind the opportunities are huge challenges. Technical risks (e.g. smart contract vulnerabilities, cybersecurity), compliance risks (especially regulatory coordination across jurisdictions), market risks (fluctuations in the value of underlying assets), and operational risks (private key management, customer access, etc.) all require extremely prudent management. The pilot process of China Merchants International is also a process of accumulating risk management and control experience for the industry. 4. The long road to tokenization of global assets China Merchants International’s test of Solana is just the first chapter of a grand narrative. Looking to the future, the development path of RWA may show the following trends: Asset types from easy to difficult:From highly standardized assets such as financial claims and fund shares, it has gradually expanded to more complex assets such as real estate, artworks, and carbon credits. Technical architecture from single to multiple:In the future, there may be complex technical architectures with cross-chain interoperability and hybrid coexistence of public chains and consortium chains to meet liquidity needs under different asset types and regulatory requirements. Regulatory Sandbox and Legislative Innovation:More countries and regions may establish financial technology sandboxes to encourage RWA innovation in a controlled environment and ultimately promote the modernization of relevant legislation. Final vision:In the long term, RWA's ultimate goal is to build a "programmable finance" system where assets can be transferred seamlessly around the world, value can be discovered in real time, and thresholds are greatly lowered. This will revolutionize the efficiency of global capital allocation. China Merchants International's issuance of RWA token funds on the Solana chain is of far more significance than just a technical application or product innovation. It is a clarion call, announcing that mainstream Chinese financial institutions have officially joined the historical process of global asset tokenization. ； It is a spark that is expected to ignite a prairie fire of digital transformation in China’s financial industry. ； It is also a stress test, testing the maturity of the market, technology and even the regulatory system. The road ahead is bound to be full of unknowns and challenges, but there is no doubt that China Merchants International's brave "first step" has already seized a valuable strategic commanding heights for China's financial industry in the global competition in the digital era. The global financial chessboard is being reshaped by RWA, and China's important players have already made serious moves.  If you have any ideas for making money and starting a business, please add me on WeChat:HuChenKai1413 I am Hu Chenkai, a person who creates personal IP Founder of self-media, providing high-quality entrepreneurial projects. If you find this article interesting, please leave your likes and follow it! About Hu Chenkai: one95Young guy Hou, host of a thousand-person meeting, Weifeng Venture Capital CEO , a large corporate consultant, hopes to find a right man who can master money. |
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