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

Ant International has become the first corporate client in Hong Kong to utilize HSBC's new tokenized deposit service, marking a significant advancement in the integration of blockchain with traditional finance in the region. This service enables real-time payments, 24 hours a day, in Hong Kong dollars (HKD) and US dollars (USD) between corporate accounts through tokenized deposits on a blockchain ledger, significantly improving the efficiency of cross-border fund management.

The initiative was launched following a successful pilot on Ant International's Whale platform and represents the first blockchain-based settlement service in Hong Kong 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 interbank transfers denominated in HKD under the Hong Kong Monetary Authority's 'Ensemble Sandbox' program.