Ant International Adopts HSBC's Tokenized Deposit Service in Hong Kong

According to PANews, Ant International has become the first corporate client in Hong Kong to utilize HSBC's new tokenized deposit service, marking a significant advancement in integrating blockchain with traditional finance in the region. This service enables real-time, round-the-clock payments in Hong Kong dollars (HKD) and U.S. dollars (USD) between corporate accounts through tokenized deposits on a blockchain ledger, significantly enhancing cross-border fund management efficiency. The initiative was launched following a successful pilot on Ant International's Whale platform and represents Hong Kong's first blockchain-based settlement service led by a commercial bank. Ant International's collaboration with HSBC dates back to 2020, establishing a broader partnership between the two entities. Last year, the companies also tested HKD-denominated interbank transfers under the Hong Kong Monetary Authority's 'Ensemble Sandbox' program.