HSBC launches cross-border tokenized deposit service

HSBC Holdings recently launched its tokenized deposit service, aiming to provide corporate clients with a more secure and efficient cross-border funds transfer solution.

This innovative initiative marks a significant step forward for the bank in its application of blockchain technology.

This month, HSBC successfully completed its first cross-border US dollar transaction from Hong Kong to Singapore using blockchain technology, enabling the rapid and traceable movement of funds between the two locations.

This cross-border payment service is a natural extension of HSBC's existing domestic tokenized payment products in multiple markets. Earlier this year, the service launched domestically in Hong Kong and Singapore, and subsequently expanded to the UK and Luxembourg markets, supporting multiple currencies including the British pound and the euro.

This demonstrates HSBC's strategic global deployment of digital currency infrastructure.

HSBC stated that the tokenized deposit service not only improves the transparency and settlement efficiency of cross-border remittances, but also enhances transaction security through the immutable nature of blockchain, providing corporate clients with a more reliable digital tool for participating in global trade and managing funds.

In the future, HSBC plans to continue expanding the coverage of this service and explore more innovative applications of blockchain technology in the financial sector, further consolidating its leading position in digital financial transformation.