The World Bank has appointed Commonwealth Bank of Australia to issue the first global blockchain bond intended to simplify raising capital and trading securities.
CBA was selected sole arranger for the first bond to be created, allocated, transferred and managed using blockchain technology, the World Bank said in a statement on Friday. Indicative investor interest in the blockchain operated new debt instrument, or bond-i for short after Australia's famous beach, was "strong."
"This pioneering bond is a milestone in our efforts to learn how we can advise our client countries on the opportunities and risk that disruptive technologies offer as we strive to achieve the Sustainable Development Goals, ” Denis Robitaille, World Bank group chief information officer, said.
The financial services industry is increasingly taking blockchain technology seriously. The industry spends about $1.7 billion per year on blockchain as banks and other financial institutions start to move beyond the proof-of-concept stage and begin rolling out commercial distributed ledger technology, according to US-based research firm Greenwich Associates said in a report in June.
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The World Bank and CBA did not provide details on the size or date for the issuance, but said it would be launched after a period of consultation with more investors. Once launched, the bond will be available on a blockchain platform run by the World bank and CBA.
The World Bank issues between $50 billion to $60 billion annually in bonds for sustainable development in emerging countries.
Blockchain technology can simplify processes among numerous debt capital market intermediaries and agents, the World Bank said. It can help simplify raising capital and trading securities, improve operational efficiency and enhance regulatory oversight.
World Bank infrastructure for the bond will run in Washington, D.C. on the Microsoft Azure cloud computing platform, CBA said.
Law firm King & Wood Mallesons acted as deal counsel on the bond issue and advised on the legal framework for its implementation.
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If you go
Flight connections to Ulaanbaatar are available through a variety of hubs, including Seoul and Beijing, with airlines including Mongolian Airlines and Korean Air. While some nationalities, such as Americans, don’t need a tourist visa for Mongolia, others, including UAE citizens, can obtain a visa on arrival, while others including UK citizens, need to obtain a visa in advance. Contact the Mongolian Embassy in the UAE for more information.
Nomadic Road offers expedition-style trips to Mongolia in January and August, and other destinations during most other months. Its nine-day August 2020 Mongolia trip will cost from $5,250 per person based on two sharing, including airport transfers, two nights’ hotel accommodation in Ulaanbaatar, vehicle rental, fuel, third party vehicle liability insurance, the services of a guide and support team, accommodation, food and entrance fees; nomadicroad.com
A fully guided three-day, two-night itinerary at Three Camel Lodge costs from $2,420 per person based on two sharing, including airport transfers, accommodation, meals and excursions including the Yol Valley and Flaming Cliffs. A return internal flight from Ulaanbaatar to Dalanzadgad costs $300 per person and the flight takes 90 minutes each way; threecamellodge.com
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COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Abu Dhabi Sustainability Week
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