MBK, a Tokyo-based commercial bank listed on the Tokyo Stock Exchange, has signed an agreement for property tokenization in Estonia.
The Japanese financial company said in an announcement on Monday that it will work with BitOfProperty (BOP), a Singapore-based Tallinn company that is already selling fractional real estate properties in the EU member state. BOP said it currently owns five properties in the nation's capital, with yields between 5,3 and 6,59%.
According to the announcement, the BOP will be responsible for the acquisition of real estate. He will work with MBK to convert the assets into blockchain-based tokens, which will be traded through Angoo Fintech, an Estonian company that was acquired by MBK in May of 2019.
Angoo Fintech was originally set to open its platform by the end of August, but was forced to postpone due to regulatory compliance issues.
MBK has been active in the encryption and blockchain space. At 2017, he formed MBK Asia in conjunction with BtcBox, a Japanese stock exchange created in 2014 and registered with the Kanto Finance Bureau.
Last month, MBK announced that it has signed an agreement with BS Securities listed on the Hong Kong Stock Exchange to cooperate on security token offerings and to support business development in Japan and China.
MBK, founded in 1947 and originally involved in the textile industry, is primarily focused on investment in Japan and China and is interested in a hotel, bowling alley and cybercafe in Japan.
Picture of the Tallinn landscape via Shutterstock