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HSBC Holdings has launched Hong Kong’s first blockchain-based settlement service. It has launched a tokenized deposit program that converts traditional bank deposits into digital tokens on a blockchain platform. The initiative marks a step forward for fintech development in the city.
Around-the-clock transfers between HSBC Hong Kong wallets and real-time payments in US dollars and Hong Kong are made possible by the tokenized deposit infrastructure for corporate clients. According to Lewis Sun, HSBC’s global head of domestic and emerging payments, the service has the potential to reduce costs and processing times compared to traditional banking systems.
“Tokenized deposits, when supported by regulated financial institutions, can offer a safe and fully compliant approach to improving payments and cash management for companies,” Sun stated. He added that Hong Kong’s position as an international financi…
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