HSBC announced the launch of its Tokenised Deposit Service in Hong Kong today. The new solution initially caters to corporate treasurers, enabling 24/7 transfers of Hong Kong dollars and US dollars between the wallets of clients of the Hong Kong bank. This makes HSBC the first Hong Kong bank to go live with tokenized deposits after several have been testing as part of Hong Kong’s Project Ensemble sandbox. Ant International is the first client.
Ant previously piloted the platform, with its feedback helping to develop the solution, which uses HSBC’s in-house network and technologies. HSBC said the service “drew inspiration” from previous Ant collaborations and co-developments of blockchain and tokenized deposit solutions.
The first live transaction for Ant involved an intra-group fund transfer via Ant’s Whale DLT platform for blockchain based payments. Ant previously integrated Whale with numerous banks around the world including JP Morgan’s Kinexys Digital Payments, DBS Treasury Tokens, BNP Paribas, OCBC and Standard Chartered.
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