HSBC has launched its Tokenized Deposit Service in Singapore, enabling the first cross-border use of the bank’s blockchain-based treasury platform following its initial Hong Kong deployment, according to a statement on Thursday.
Ant International became the first client to complete real-time SGD and USD digital token payments between corporate wallets held with HSBC Singapore, utilizing the service’s 24/7 instant settlement capabilities. In September, HSBC processed its first USD cross-border digital token transaction between Ant International entities in Hong Kong and Singapore.
The expansion demonstrates accelerating bank adoption of distributed ledger technology for corporate treasury operations, allowing customized programmable transfers that bypass traditional banking cut-off times and settlement delays.
“Finance and treasury teams want their systems to operate in real time, even when people are offline, and this service…
