Nomura's Laser Digital and ZIG Finance launch tokenized loan vault on BNB Chain

A vault for Saudi SME loans

Nomura's crypto arm Laser Digital and ZIG Finance have launched a tokenized investment product on BNB Chain called zEMS Vault, aimed at financing small and medium-sized businesses in Saudi Arabia. The two firms are targeting $100 million in capital for the vehicle, according to a report by The Block published on 11 November 2026.

The product gives eligible institutional investors exposure to a portfolio of loans made to Saudi businesses. Those loans are originated through a financing infrastructure run by Beehive, and investors can take positions using stablecoins and exit under the terms of the product.

Who does what

KAIO handles the tokenization and manages the vehicle through its lifecycle, representing the product on BNB Chain and running the related transactions on-chain. Know-your-customer checks apply at entry and exit. Zamanat advised on the structure and on compliance with Islamic finance principles.

Laser Digital is not a direct lender in the arrangement. It serves as risk management and tokenization adviser, contributing to the risk framework and to structuring the product to institutional standards.

Risk stays with the loans

Abdul Rafay Gadit, a co-founder of ZIG Finance, said the project's aim is not to remove credit risk but to make it more transparent and manageable. Tokenization puts the vehicle on a blockchain; it does not remove the possibility that borrowers fail to repay.

The $100 million figure is a target for the fund's size, not capital already collected. Credit risk, liquidity conditions and investors' legal rights remain part of the picture, and how much capital is raised and how the loan book performs will decide the outcome.

An existing partnership

zEMS Vault is the first product launched under a strategic partnership between Laser Digital and ZIG Finance, and the parties plan to apply similar models in other emerging markets. The tie-up is not new: in an announcement dated 5 August 2026, Laser Digital said it had made a strategic investment in the ZIG ecosystem and would support the development of private credit products, with the goal of moving private credit financing and stablecoin-based investment products onto blockchains.

Open questions

Neither the report nor the companies named say how quickly the target is expected to be reached, nor what share of the portfolio is committed so far. The report does not state the terms offered to investors or the maturity profile of the underlying loans.