Original | Odaily Planet Daily ( @OdailyChina )

By Wenser ( @wenser 2010 )

On Wednesday, August 13th, Solanaofficially announced that CMB International, DigiFT, and OnChain have partnered to launch an on-chain fund. The announcement stated, "CMB International has tokenized its Hong Kong & Singapore mutual recognition fund on the Solana blockchain, using the ticker CMBMINT. Furthermore, this marks the world's first public fund on the Solana ecosystem." Odaily Planet Daily will provide a brief analysis of this announcement for your reference.

The wave of fund tokenization is coming, and leading funds in the Asia-Pacific region are joining the market.

When talking about CMB International, one cannot help but mention its parent company, China Merchants Bank.

It is understood that China Merchants Bank holds a 100% stake in CMB International through CMB International Financial Holdings and CMB Wing Lung Bank, respectively. CMB International, in turn, operates CMB International Securities. According to CMB Bank's 2024 annual report, CMB International had total assets of HK$80.813 billion, achieved a net profit of HK$1.307 billion in 2024, and achieved asset management business volume of RMB 130.327 billion, a 14.86% increase from the end of the previous year. The company has completed 38 Hong Kong IPOs.

On July 14th of this year, CMB International officially received approval from the Hong Kong Securities and Futures Commission (SFC), becoming the first Chinese bank-affiliated securities firm in Hong Kong to obtain licenses for virtual asset trading services . This move marks the official entry of traditional financial giants into the Hong Kong digital asset market , following in the footsteps of Chinese securities firms such as Guotai Junan International and Tianfeng International Securities, which have upgraded their virtual asset licenses.

Now, CMB International has officially entered the RWA space, partnering with DigiFT, a licensed Singapore RWA exchange, and OnChain, a professional service provider within the Solana ecosystem, to successfully tokenize its US dollar money market fund on-chain. The fund has a strong track record—according to public data, from its inception in February 2024 to the end of July 2025, its cumulative yield consistently ranked first among similar funds in Asia Pacific. (Note: Yields are calculated based on net asset value and include dividend reinvestment income.)

CMB International's collaboration with DigiFT and OnChain combines the technological, compliance, and user experience strengths of traditional financial institutions with those of on-chain financial service providers, including:

• First, the fund has been approved by both the regulatory authorities in Hong Kong and Singapore ;
• Second, this token product is the first to support deployment on public chains such as Solana, Ethereum, Arbitrum, and Plume, and the first token product on the Solana chain globally to be tied to the performance of a public money market fund.
• Third, the token product supports both fiat currency and stablecoin redemption ;
• Fourth, the token product provides real-time redemption for tokens through a self-developed liquidity management contract.

DigiFT is the first on-chain digital asset platform to receive both the Reliable Market Operator (RMO) and Capital Market Services (CMS) licenses from the Monetary Authority of Singapore (MAS). OnChain is a professional RWA service provider within the Solana ecosystem. The collaboration between these two platforms and CMB International represents a formidable alliance.

Moreover, this move by CMB International may have a broader and deeper impact, and will have a huge demonstration effect on the development of Hong Kong's digital asset industry, the flow of funds in mainland China, and the Solana ecosystem.

A Brief Analysis of Subsequent Impacts: With Success in Hong Kong and Mainland China, the Solana Ecosystem Fulfills the Dream of the Internet Capital Market

From a regional perspective, CMB International's achievement in tokenizing public funds has not only opened up new investment possibilities for professional investors in Singapore, but has also provided new insights into investment options and industrial development in mainland China and Hong Kong. For the cryptocurrency industry, the Solana ecosystem may become a landing zone for more established funds in traditional finance.

For Hong Kong: Promote industrial development and attract investment funds

As emphasized in DigiFT's official announcement , "CMB International Asset Management has actively responded to the call of the Hong Kong Digital Asset Development Policy Declaration 2.0 through DigiFT 's innovative practice of issuing and distributing tokenized products on-chain. This innovative initiative breaks down on-chain and off-chain barriers, comprehensively reshaping traditional fund sales, operations, and investment models, enabling investors to conveniently invest in Hong Kong's high-quality financial products and enhancing Hong Kong's competitiveness in the global digital asset management field."

In other words, this move allows more funds to enter Hong Kong through the fund tokenization channel, becoming part of the liquidity in the development of Hong Kong's digital asset industry; and to a certain extent, it has increased Hong Kong's attractiveness to RWA investors.

On the Solana ecosystem: Promoting the rapid development of the internet capital market

Solana's official and ecological development focus has always been on the concept of "Internet capital market", and the emergence of CMB International Tokenized Fund has added a strong touch to this concept.

As a leading fund manager in the Asia-Pacific region, CMB International has chosen Solana as a key ecosystem for fund tokenization, providing a model for the subsequent development of Solana's RWA sector. As Solana officials and Raydium, a key infrastructure provider for the Solana ecosystem, noted in tweets and comments, "This is evidence of the internet capital market taking shape within the Solana ecosystem."

Inland areas: More Chinese bank-affiliated securities firms may deploy RWAs

For inland areas, although it is difficult for investors to obtain similar investment opportunities in the short term, China Merchants Bank International, as a subsidiary of a Chinese bank, has a certain demonstration effect and may attract more Chinese bank-affiliated securities companies and subsidiaries to deploy RWA sectors.

It is understood that in addition to CMB International, Chinese bank-affiliated securities firms currently operating in Hong Kong include ICBC International, CCB International, ABC International, BOC International, and BOCOM International, all subsidiaries of state-owned banks, as well as SPDB International, a subsidiary of a joint-stock bank. Following internet giants like Ant Group and JD.com, Chinese banks are also entering the RWA market.

Conclusion: Fund tokenization is expected to further expand the global investment landscape

As the RWA industry continues to develop, the range of RWA assets encompassed by on-chain tokenized products will expand, further broadening the global investment landscape. Upon reaching a certain stage of development, the liquidity of the cryptocurrency industry will be deeply coupled with that of traditional financial funds, enabling efficient utilization of capital liquidity. Professional investors from around the world will be able to freely participate in fund and stock investments in different regions.

By then, tokenized products will become the mainstream in the financial investment field.