HSBC has launched Hong Kong's first settlement service using blockchain technology. The service converts ordinary bank deposits into digital tokens, meaning businesses can transfer funds almost instantly.
According to Lewis Sun, global head of domestic and emerging payments at HSBC's Global Payment Solutions division, this payment method can be cheaper and faster than traditional systems.
HSBC's new tokenized deposit program reportedly allows businesses to convert ordinary deposits into tokens on a blockchain platform. Corporate funds remain on the bank's balance sheet, but they can send and receive these funds just like sending digital currency.
Sun said the approach saves extra fees and delays, and helps track every payment on the chain, so businesses can always know where the money is going.
HSBC said the service runs 24/7. Corporate clients can transfer Hong Kong dollars and US dollars between HSBC Hong Kong wallets at any time.
This is a major change from standard banking, where transfers are often suspended overnight or on weekends. Real-time transfers mean treasurers can respond quickly to market fluctuations or urgent needs.
Ant International, a subsidiary of Alibaba Group, was the first customer to test the system. HSBC said Ant International used its Whale platform to transfer funds instantly. After a pilot in May, the bank incorporated the relevant experience into the formal service.
Kelvin Li, general manager of platform technology at Ant International, said that tokenization is a bridge between traditional banking and blockchain. He also said that the project aims to make financial work more transparent and efficient.
HSBC’s rollout is supported by the Hong Kong Monetary Authority’s Distributed Ledger Technology Regulatory Incubator. HSBC is one of several banks that have conducted proof-of-concept trials under the Hong Kong Monetary Authority’s tokenization program.
In August, the Hong Kong Monetary Authority set up a central bank digital currency testing regime. Six companies, including HSBC, began trialing the use of tokenized currencies for digital asset transactions.
The move brings Hong Kong closer to interbank blockchain settlements. HSBC plans to expand its services to Asian and European markets in the second half of 2025.
The new system could change the way large companies handle cash. Businesses don’t have to wait until banks open, or pay unexpected fees. Instant information on every payment translates into a clearer view of liquidity throughout the day.
But the project faces challenges. Businesses must update their back-office systems to be able to interact with the tokens. In addition, the blockchain platform must remain secure from intrusions or technical glitches.
HSBC is Europe’s largest bank by assets, according to the latest ranking of Europe’s top 50 lenders released by S&P Global Market Intelligence.
Catizen has outlined ambitious plans to integrate artificial intelligence into its platform, complementing its broader strategy to expand the Mini App Center, grow its user and payment base, and extend its geographic reach.
CatherineA fortunate buyer turned a $50 pack of crypto-themed Cardsmiths trading cards into a $100,000 Bitcoin windfall, highlighting the growing allure and potential rewards within the collectible trading card market.
KikyoApple Intelligence will launch in China by mid-2025, with Alibaba assisting in adapting on-device systems to meet local regulations. Baidu will lead the development of Visual Intelligence for the iPhone 16, marking a key collaboration to bring advanced AI to China.
CatherineDays after Broccoli meme coin’s explosive launch, CZ hints at BNB Chain becoming a hub for AI agents, like Solana and Base. His tweets suggest growing eagerness to jump back in—leaving one question: What trend will CZ pursue next?
CatherinePump.fun, a Solana-based meme coin launchpad, is now on iOS and Android, allowing token creation and trading on the go. The app’s launch coincides with a 12-fold surge in token launches in January 2025, raising concerns about liquidity fragmentation and diluted trader focus.
KikyoVARA has issued a warning about the high risks of memecoins, stressing their volatility and potential for manipulation. The authority is enforcing strict regulations on their issuance and promotion, with fines for non-compliance, to protect investors.
WeatherlyIndian authorities have seized $190 million in crypto and a luxury vehicle linked to the BitConnect Ponzi scheme, which collapsed in 2018. The Enforcement Directorate traced the assets through complex wallet transactions and dark web channels.
CatherineProtests erupted across multiple cities against Elon Musk, criticizing his leadership in the Department of Government Efficiency and recent job cuts in federal agencies. As the unrest spreads globally, legal challenges and growing support for the protests show increasing opposition to Musk's influence on both business and government.
AnaisSouth Korea’s data protection authority has suspended new downloads of the Chinese AI app DeepSeek after the company admitted to failing to comply with certain personal data protection regulations set by the agency.
KikyoElon Musk has unveiled Grok 3, a new AI chatbot from xAI, calling it the "smartest AI on Earth" with the ability to self-correct and improve its logical accuracy. Musk described Grok 3 as "scary smart," capable of offering unexpected solutions and learning from its mistakes.
Joy