HSBC and Ant Group Pilot Tokenized Deposits for Instant Payments in Hong Kong!

HSBC and Ant Group have successfully conducted a test of the use of tokenized deposits for intra-group payment transactions in Hong Kong, the first initiative of its kind. The test included the issuance, transfer, and redemption of deposit tokens and was conducted under the Hong Kong Monetary Authority’s Fintech Supervisory Sandbox arrangement. The use of tokenized deposits could potentially enable always-on, real-time treasury fund movement between accounts held by a corporate within the HSBC network, leading to efficiencies and innovations in corporate treasury management. HSBC has been supporting Ant Group’s blockchain-based real-time treasury management solution since 2020.