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HSBC has launched a Tokenised Deposit Service in Hong Kong, marking the territory’s first blockchain-based settlement system led by a bank. The service enables real-time HKD and USD payments between corporate wallets under the same client, supporting 24/7 treasury operations with immediate settlement finality.
The initiative follows a pilot test conducted in collaboration with Ant International through its Whale platform, a blockchain-powered treasury management system. HSBC confirmed that Ant International has become the first corporate client to complete an intra-group transfer using the new service.
“Tokenisation is the key to bridging the stability of traditional banking with the efficiency of blockchain”
Kelvin Li, General Manager of Platform Tech at Ant International, commented, “We are very excited to work with an industry leader like HSBC, who shares the belief that tokenisation is the key to bridging the stability of traditional banking with the efficiency of blockchain, to enable real-time treasury management. As a tech connector in the fast-evolving financial services industry, our banking partnerships are expanding from tokenisation to AI-driven global FX and liquidity initiatives. We look forward to working with more public and private-sector partners to unlock more transparent, accessible and efficient treasury management solutions for businesses worldwide.”
According to HSBC, the service digitizes clients’ USD or HKD deposits into tokens on a distributed ledger operated by the bank. These tokenised deposits can then be used for instant transfers between internal corporate accounts, reducing friction and settlement risk in treasury operations.
The Whale platform integrates features such as zero-knowledge proofs and homomorphic encryption, providing confidential yet verifiable transaction processing across blockchain networks. In 2024, over a third of Ant International’s internal transfers were already processed via on-chain infrastructure using Whale.
The platform supports interoperability across tokenised assets issued by various global financial institutions. Ant International indicated the service may soon expand into broader liquidity and FX applications.
HSBC and Ant International previously worked together in the Hong Kong Monetary Authority’s Ensemble Sandbox initiative. In October 2024, the two firms conducted a cross-bank, HKD-denominated transaction under the sandbox’s experimental framework for tokenised banking.
The new Tokenised Deposit Service is positioned as a step toward scalable digital financial infrastructure in Hong Kong, aligning with broader initiatives to advance tokenisation under regulatory frameworks. HSBC said it will continue building capabilities to support programmable payments and real-time fund flows in institutional finance.
