- HSBC completes first USD cross-border transaction between Hong Kong and Singapore.
- Service extends to UK and Luxembourg markets supporting GBP, EUR, and USD currencies.
- Distributed ledger technology enables 24/7 settlement without time zone barriers.
HSBC has expanded its Tokenized Deposit Service to include cross-border transactions and completed its first USD transfer between Hong Kong and Singapore in September. The blockchain-based solution processed the transaction for Ant International, the first customer of the service.
The expansion addresses growing demand for instant cross-border settlement through an always-on blockchain platform that supports digital money evolution and client requirements. The service builds upon HSBC’s domestic payment rollouts in Hong Kong and Singapore, earlier this year.
Geographic Expansion Targets Key Financial Centers
Following the success in Asian markets, HSBC has extended the Tokenized Deposit Service to the United Kingdom and Luxembourg. These new markets support domestic payments in British pounds, euros, and US dollars, with plans to scale the service across additional key markets within HSBC’s global network.
The distributed ledger technology changes traditional fiat deposits into digital tokens, allowing cash movements to be customized and executed instantly from clients’ own systems. This approach reduces cut-off times and time zone restrictions while integrating seamlessly with existing treasury operations and corporate systems.
Manish Kohli, Head of Global Payments Solutions at HSBC, characterized tokenized deposits as a major advancement in transaction banking that creates new client opportunities. He emphasized that the combination of real-time liquidity with programmability and secure blockchain settlement helps clients manage liquidity more effectively while streamlining operations.
Kelvin Li, General Manager of Platform Tech at Ant International, described the milestone as the next step in joint innovation with HSBC on tokenized deposits. Li highlighted tokenization’s role in allowing more efficient, cost-effective, and trusted global transactions for businesses of all sizes.
The enhanced service supports programmability features where conditional payments can be embedded in TDS transfers and settlement of tokenized assets for atomic and more efficient processing. This functionality positions the platform for advanced treasury management applications.
HSBC’s expansion builds on existing integration work with clients’ enterprise DLT-based systems across the United States, Singapore, and Hong Kong, enabling easy payment initiation between clients and their partners. The connectivity provides a foundation for HSBC’s next-generation blockchain payment infrastructure development.
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