Japanese Merchant Bank Signs Deal to Tokenize Estonian Properties

MBK, a Tokyo-based and Tokyo Stock Exchange-listed merchant bank, has signed a deal for the tokenization of property in Estonia.

In an announcement made on Monday MBK said that it will be working with BitOfProperty.

Converting blockchain-based tokens

The BOP is a Singapore-incorporated, Tallinn-operating enterprise that’s already selling fractional ownership of real estate in the EU member state. The company said that it has five properties that are currently in the capital of the country yielding somewhere between 5.3 and 6.59 percent.

The announcement mentioned that BOP will be responsible for acquiring the properties. It will work together with MBK in converting blockchain-based tokens which then will be traded through Angoo Fintech, an Estonian company that was acquired by MBK in May 2019.

Angoo Fintech set up to run its platform by the end of August, although it got delayed due to regulatory compliance issues.

Blockchain and Real Estates In Asia

On Sept 17, cryptonewspoint reported that SK Securities, a South Korean financial company partners with blockchain startup Kasa Korea on the tokenization of real estates. SK Securities is a subsidiary of SK Group, South Korea’s largest telecommunications group.

Recently, Propy, “a blockchain-based real estate platform” announced a partnership with Japan’s biggest escrow service provider, Escrow Agent Japan (EAJ). Real estate transactions will now be recorded on the blockchain platform with Japan’s Legal Affairs Bureau.

Propy provides services in many parts of the world like the United States, Ukraine, Spain, Bulgaria. The deal between Propy and EAJ is the first step towards expanding Propy’s real estate service delivery in Asia.

A number of announcements related to blockchain-based real estate initiatives have been made in Northeast Asia, recently. Some involve the participation of major companies and groups – including one with a Sony connection, though most of the activity places around testing, development agreements, and pilot projects.

Source: mbkworld.cojp | Image: blockexplorer.com

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