In May HSBC launched its Tokenised Deposit Service (TDS) domestically in Hong Kong and Singapore. Earlier this month it conducted its first cross border payment in USD with Ant International as the client. Now it has extended the offering to the UK and Luxembourg with the supported currencies expanding to include GBP, EUR and USD.
The key benefit is it allows large corporates like Ant to move money cross borders 24/7 and instantly, without having to worry about cut off times and delays. The solution works on HSBC’s private blockchain between other accounts held at HSBC.
“By combining real-time liquidity with programmability and secure settlement through blockchain, we can help clients better manage their liquidity, streamline their operations and future-proof their treasury functions in a rapidly evolving financial landscape, with the benefits of emerging forms of digital money and its associated technology,” said Manish Kohli, Head of Global Payments Solutions at HSBC.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
