Ant International collaborates with HSBC to launch the first bank led tokenized deposit service in Hong Kong

According to Crowdfunding Insider, Ant International has become the first corporate customer in Hong Kong to adopt HSBC's new tokenized deposit service, marking an important step forward in promoting the integration of blockchain and traditional finance in Hong Kong. This service enables real-time, 24/7 payment of Hong Kong dollars (HKD) and US dollars (USD) between corporate accounts through tokenized deposits on the blockchain ledger, significantly improving cross-border fund management efficiency. This initiative was successfully piloted on Ant International's own Whale platform and is the first blockchain based settlement service in Hong Kong led by a commercial bank. The cooperation between Ant International and HSBC can be traced back to 2020, and the two parties have established a broader partnership. Last year, the two companies also tested Hong Kong dollar denominated interbank transfers under the Hong Kong Monetary Authority's "Ensemble Sandbox" program.