HSBC stated that this payment method could be cheaper and faster compared to traditional systems.
Author: Bitcoinist
Translated by: Blockchain Knight
HSBC has launched Hong Kong's first settlement service using blockchain technology. This service converts ordinary bank deposits into digital tokens, meaning businesses can transfer funds almost instantly.
According to Lewis Sun, Global Head of Domestic and Emerging Payments at HSBC's Global Payments Solutions division, this payment method could be cheaper and faster compared to traditional systems.
Reports indicate that HSBC's newly launched tokenized deposit program allows businesses to exchange ordinary deposits for tokens on a blockchain platform. The funds remain on the bank's balance sheet, but they can be sent and received like digital currency.
Sun stated that this approach can eliminate extra fees and delays, and it helps track every payment on-chain, allowing businesses to know the flow of funds at all times.
HSBC mentioned that the service operates around the clock. Corporate clients can transfer Hong Kong dollars and US dollars between HSBC Hong Kong wallets at any time.
This represents a significant change compared to standard banking operations, where transfers are typically paused overnight or on weekends. Real-time transfers mean that financial executives can quickly respond to market fluctuations or urgent needs.
Ant Group, a subsidiary of Alibaba Group, is the first client to test the system. HSBC stated that Ant Group used its Whale platform to transfer funds instantly. After a pilot in May, the bank incorporated the relevant experience into the formal service.
Kelvin Li, General Manager of Technology at Ant Group's platform, stated that tokenization is a bridge between traditional banking and blockchain. He also mentioned that the project aims to make financial operations more transparent and efficient.
HSBC's launch is supported by the Hong Kong Monetary Authority's Distributed Ledger Technology Regulatory Sandbox. HSBC is one of several banks conducting proof-of-concept trials under the HKMA's tokenization program.
In August, the HKMA established a central bank digital currency testing mechanism. Six companies, including HSBC, began experimenting with tokenized currency for digital asset transactions.
This initiative brings Hong Kong closer to interbank blockchain settlement. HSBC plans to expand its services to Asian and European markets in the second half of 2025.
The new system could change the way large enterprises handle cash. Businesses no longer need to wait for bank operating hours or pay unexpected fees. Instant information on each payment can translate into a clearer liquidity view throughout the day.
However, the project also faces challenges. Businesses must update their backend systems to interact with tokens. Additionally, the blockchain platform must remain secure to prevent breaches or technical failures.
According to the latest ranking of the top 50 lending institutions in Europe published by S&P Global Market Intelligence, HSBC is the largest bank in Europe by asset size.
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