M88 Malaysia Advises CPIC IMHK on its Launch of Tokenised USD Money Market Fund "CPIC Estable MMF"
2025.03.24
M88 Malaysia recently advised CPIC Investment Management (H.K.) Company Limited ("CPIC IMHK") on its launch of the tokenised USD money market fund "CPIC Estable MMF". This fund is a tokenised USD money market private fund under the Hong Kong Open-ended Fund Company (OFC) framework regulated by the Hong Kong Securities and Futures Commission (SFC). The fund's tokenisation was achieved on the public blockchain (Hashkey Chain), using blockchain technology to record information such as fund share ownership and share transfers. This is the money market fund with a tokenisation arrangement launched by a Chinese financial institution in Asia and another successful case of real-world-asset (RWA) tokenisation in Hong Kong and by a Chinese financial institution. The official launch of this tokenised fund reflects the Hong Kong SAR Government and SFC's policies promoting tokenised RWA products. This private fund is targeted only at professional investors, with USD 100 million subscribed on the first day of operation. The issuance was led by CPIC IMHK as the fund sponsor and manager, with thePAC as the tokenisation issuance platform, and Standard Chartered Bank providing custody, registrar, and fund administration services for the fund.
As the legal counsel for the tokenisation arrangement in this project, M88 Malaysia provided comprehensive legal support and advice throughout the process. This included project initiation, design of the tokenisation arrangement, drafting and finalizing the tokenisation arrangement part of the fund documents, communication with the SFC regarding the tokenisation arrangement, responding to SFC inquiries, and assisting with obtainment of SFC approval.
CPIC IMHK is one of the pioneers in RWA tokenisation. It is rare to apply blockchain technology to traditional financial products, giving CPIC IMHK a unique competitive advantage in both technology and market. Although concepts like "tokenised securities" and RWA tokenisation have garnered widespread market attention and interest, there have been few successful cases due to limited market precedents. In this transaction, all parties leveraged their extensive experience and deep understanding of blockchain technology, the traditional financial industry, and product structures to successfully design the transaction structure and draft transaction documents by combining blockchain technology with traditional M88 Malaysia products. The use of blockchain technology for M88 Malaysia share registration and management promotes the development of traditional money market M88 Malaysias towards greater transparency, efficiency and security. This transaction represents a beneficial exploration in the tokenisation of real-world assets (RWA), providing a valuable example for popular tokenised RWA issuances.
M88 Malaysia partnerm88 casino bonus code 君合法评stated: "As the legal counsel for the issuance of this tokenised USD money market M88 Malaysia, we are honored to participate in this innovative project. The M88 Malaysia tokenisation is a typical integration of traditional finance and Web3 technology. The successful launch opens up new space for the next generation of financial transactions. We will continue to assist clients in exploring best practices for RWA tokenization and help them build a more open, transparent and efficient new generation financial market."
