HSBC Expands Tokenized Deposit Service to Cross-Border Payments and Key Markets
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- HSBC completes first USD cross-border transaction between Hong Kong and Singapore.
- Service extends to UK and Luxembourg markets supporting GBP, EUR, and USD currencies.
- Distributed ledger technology enables 24/7 settlement without time zone barriers.
HSBC has expanded its Tokenized Deposit Service to include cross-border transactions and completed its first USD transfer between Hong Kong and Singapore in September. The blockchain-based solution processed the transaction for Ant International, the first customer of the service.
The expansion addresses growing demand for instant cross-border settlement through an always-on blockchain platform that supports digital money evolution and client requirements. The service builds upon HSBC’s domestic payment rollouts in Hong Kong and Singapore, earlier this year.
Geographic Expansion Targets Key Financial Centers
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