Japan-based bank Sumitomo Mitsui (NYSE:SMFG) Trust Bank, or SMTB, has launched its first asset-backed securities token in partnership with Securitize on March 29.
The instrument is the first security token compliant with the Financial Instruments and Exchange Act (FIEA) to launch in the Japanese Market. The token has received an “a-1 rating” from Japanese rating agency, Rating and Investment Information, Inc, suggesting the product is very likely to fulfill its short-term obligations.