A Hong Kong subsidiary of China Merchants Bank (CMB) has tokenized a US dollar 3.8 billion money market fund on BNB Chain, the blockchain developed by Binance. This move signifies a growing trend of Chinese financial institutions embracing real-world asset (RWA) tokenization in Hong Kong.
CMB International Asset Management Limited partnered with BNB Chain to tokenize its CMB International USD Money Market Fund, issuing two tokens available to accredited investors. The tokens, named CMBMINT and CMBIMINT, enable real-time subscriptions and redemptions for accredited investors, bypassing traditional banking constraints. These tokens represent units in CMB International’s USD money market fund and support both fiat currency and stablecoin subscriptions.
This initiative aligns with Hong Kong's efforts since 2022 to position itself as a digital asset hub. Despite reports that Beijing's securities watchdog, the China Securities Regulatory Commission, has cautioned mainland brokerages about RWA projects in Hong Kong due to market overheating concerns, the launch proceeds.
CMB International's Adam Bai stated that the company has seen strong and steady growth since launching the CMB International USD Money Market Fund due to disciplined execution and investor confidence. He also mentioned that the company is expanding regulated access to a global investor base by leveraging BNB Chain's robust blockchain infrastructure and working with partners.
Sarah Song, Head of Business Development at BNB Chain, said that the collaboration demonstrates how financial products can utilize the BNB Chain ecosystem to reach a broader global investor base, reinforcing BNB Chain's ambition to become the tokenization layer for all assets.
Tokenizing assets like bonds, funds, or real estate on a blockchain allows for faster settlement, lower entry barriers, and broader access to regulated investment products. The tokenization of CMBI's fund allows for 24/7 trading and instant settlement, a contrast to traditional money market fund redemptions that often require days to process. By leveraging BNB Chain's low transaction fees and high throughput, CMBI has reduced friction in capital deployment, a critical factor for institutional investors managing large portfolios.
CMB International Securities, another Hong Kong subsidiary of China Merchants Bank, received a virtual asset license from the Securities and Futures Commission (SFC) in July 2025. This license allows the firm to explore including crypto in diversified portfolios, enabling qualified investors to invest in cryptocurrencies alongside stocks. CMB is the first Chinese bank-affiliated broker in Hong Kong to secure licenses tied to virtual asset trading services and plans to integrate traditional stock trading with digital assets and fintech applications.
This development occurs against the backdrop of increasing interest in RWA tokenization among Chinese financial groups. In August 2025, China Renaissance, a Chinese investment bank, partnered with Binance founder Zhao Changpeng's family office, YZi Labs, purchasing US$100 million worth of BNB tokens to facilitate compliant listings of BNB on licensed Hong Kong virtual asset exchanges and promote BNB Chain adoption by listed companies in stablecoin and RWA tokenization use cases.
Money market funds typically invest in safe, liquid, short-term instruments, offering higher yields and greater flexibility than traditional deposits. CMB International’s USD Money Market Fund has primarily invested in USD-denominated short-term deposits and high-quality money market instruments issued by governments, quasi-government agencies, international organizations, financial institutions, and corporations, with an investment ratio of no less than 70% of the net asset value since its launch in 2024. As of October 10, 2025, the fund ranked first among similar funds in the Asia-Pacific region according to Bloomberg's performance rankings.
