Korean issuers are increasingly using Hong Kong’s blockchain rails to issue digital bonds, with deals from Mirae Asset Securities, POSCO International, Korea Housing Finance Corporation and KB Kookmin Bank. Hong Kong officials said the city has been actively building its digital bond ecosystem and has hosted issuers from multiple jurisdictions. The article says Hong Kong offers faster settlement and lower costs, while Korea still lacks the regulatory and market infrastructure needed at home.
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Korea's bond market is racking up a series of firsts. This year has seen the country's first digital bond issued by a securities firm, followed by firsts from a private company, a public institution, and, most recently, a bank.
The issuers — Mirae Asset Securities, POSCO International, Korea Housing Finance Corporation and KB Kookmin Bank — come from different sectors. Yet the deals have something in common: All were issued on Hong Kong's blockchain rails.
"Hong Kong has been taking active steps to develop our digital bond ecosystem," a Hong Kong Monetary Authority (HKMA) spokesperson said. "Issuers from various jurisdictions, including Korea, have successfully issued digital bonds in Hong Kong."
