The fifth-largest commercial bank of China, Bank of Communications, used blockchain for the issue of residential mortgage-backed securities (RMBS). This is reported by CoinDesk.
The lead underwriter of the securities issue was China International Capital Corporation. Also, the two largest commercial banks of the country - Commercial Bank of China and China Merchants Bank - took part in it.
According to representatives of the Bank of Communications, the information on mortgage loans placed in the blockchain will allow RMBS participants to assess investment risks through 'due diligence' and process transactions in a peer-to-peer manner.
In August, one of the largest commercial financial institutions of China, Zheshang Bank, issued securities worth $ 66 million through its proprietary blockchain platform.