Mirae Asset Securities said on Jan. 29 it became the first in the country to successfully issue digital bonds totalling 100 billion won.

The digital bonds were issued simultaneously in Hong Kong dollars (HKD) of $325 million and U.S. dollars (USD) of $30 million.

HSBC served as lead manager, and Mirae Asset Securities’ Hong Kong unit acted as co-lead manager. The company adopted a private placement structure.

HSBC’s in-house tokenisation platform, Orion, linked to the Hong Kong Monetary Authority’s (HKMA) official bond settlement infrastructure, the Central Moneymarkets Unit (CMU), was used in the issuance process.

Digital bonds are bonds issued and distributed using blockchain and distributed ledger technology (DLT).

Using distributed ledger technology automates the entire process, from issuance to interest payments and redemption. This can significantly improve the efficiency of the financial system, while transaction records can be recorded on the blockchain to enhance transparency.

A Mirae Asset Securities official said, "The successful issuance of this digital bond is an important milestone showing that South Korean finance can lead global digital asset standards," adding, "We will provide innovative asset-building opportunities and contribute to South Korea’s leap into a global financial hub."