BOCI, an investment arm of the Bank of China, issued tokenized notes in Hong Kong, marking the first time that a financial institution in China has issued a digital note in the region.

UBS partnered with BOCI to issue the notes, which were tokenized on the Ethereum blockchain. 

BOCI issued 200 million Chinese yuan worth of notes, which translates to roughly $28 million.

"Working together with UBS, we are driving the simplification of digital asset markets and products, for customers in Asia Pacific through the development of blockchain-based digital structured products, designed specifically for customers in Asia Pacific. We are encouraged by the evolution of Hong Kong's digital economy and are committed to promoting the digital transformation and innovative development of Hong Kong's financial industry," said Ying Wang, deputy CEO at BOCI.