On August 17, 2018, Union Bank AG located in Liechtenstein announced about intention to issue its own security tokens and a payment coin, a press release informs.

Liechtenstein's Union Bank AG is a fully licensed and regulated bank. Soon, it will issue its own security tokens and, subsequently, its Union Bank Payment Coin. The Union Bank Payment Coin will be a stable coin which is entirely backed by the Swiss Franc – an in-house fiat currency.

Union Bank AG offers corporate banking services to companies located in Germany, Austria, Switzerland and at the Middle East. Union Bank AG has an unrivalled opportunity to develop and implement progressive solutions. Liechtenstein promotes development of blockchain technologies and Union Bank AG already supports ICOs and cooperates with crypto-brokers and crypto-advisors to facilitate transparent and efficient fiat-to-cryptocurrency exchange.

Union Bank AG aims at adopting the blockchain fully throughout its processes and supporting technology. It positions itself as a full-service blockchain investment bank that integrates the cutting-edge blockchain technologies and crypto assets with the best experience accumulated by traditional banking.

M.H. Dastmaltchi – the Chairman of the Board of Directors of Union Bank AG – said in the press release: “Our fiat-backed Union Bank Payment Coin has the potential to disrupt the approach to international trade and international cross-border transactions. With our initiative we are investing in the future and becoming the world's preeminent blockchain investment bank.”

Sources:

https://markets.businessinsider.com/news/stocks/union-bank-ag-to-be-the-first-fully-regulated-bank-ever-to-issue-its-own-security-tokens-closely-followed-by-a-fiat-backed-union-bank-payment-coin-1027467018

https://cointelegraph.com/news/liechtenstein-bank-issues-own-crypto-stable-coin-aims-to-become-blockchain-investment-bank