Standard Chartered Bank launches blockchain unit Libeara, eyeing Singapore bond funds

According to a report by Nikkei Asia, Standard Chartered Bank's venture capital department has announced the launch of a new blockchain department called Libeara, aimed at helping traditional financial instruments become tokenized.
Libeara is a technology service provider aimed at helping institutions digitize financial instruments on the blockchain (the infrastructure that supports cryptocurrencies) in order to reduce the need for intermediaries typically involved in such transactions. In theory, this increases efficiency and reduces the cost of buying and selling assets.
Libeara is working with Singaporean fund platform solution provider FundBridge Capital to create the first tokenized Singapore dollar government bond fund for professional investors. It is expected to be launched later, subject to regulatory approval from the Singapore authorities.