According to PANews, Ant International has become the first corporate client in Hong Kong to utilize HSBC's new tokenized deposit service, marking a significant advancement in integrating blockchain with traditional finance in the region. This service enables real-time, round-the-clock payments in Hong Kong dollars (HKD) and U.S. dollars (USD) between corporate accounts through tokenized deposits on a blockchain ledger, significantly enhancing cross-border fund management efficiency.
The initiative was launched following a successful pilot on Ant International's Whale platform and represents Hong Kong's first blockchain-based settlement service 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 HKD-denominated interbank transfers under the Hong Kong Monetary Authority's 'Ensemble Sandbox' program.