Liechtenstein’s Union Bank AG today announced that it will be the world’s first fully licensed and regulated bank to issue its own security tokens in alignment with Liechtenstein’s regulatory authority FMA and, subsequently, its Union Bank Payment Coin. The Union Bank Payment Coin will be a stable coin that is fully backed by a fiat currency – e.g. the Swiss Franc.
The bank will extend and improve its existing services and offerings. It will be taking the first steps to position itself as a full-service blockchain investment bank, eventually adopting the blockchain fully throughout its processes and supporting technology.
Chairman of the board of directors Mohammad Hans Dastmaltchi commented:
Our goal is to become the world’s first blockchain investment bank and to provide tangible solutions which help drive efficiencies, reduce cost base and open up new revenue opportunities for our customers and intermediaries alike, As such, our fiat-backed Union Bank Payment Coin has the potential to disrupt the approach to international trade and international cross-border transactions.
Read the full media release from here
Source: Press Release