Following the successful launch in Hong Kong last month, Ant International hosted the launch of HSBC’s Tokenised Deposit Service at our Singapore headquarters earlier this week.
The solution, jointly-innovated by HSBC and Ant International is an AI-powered liquidity management tool that utilises blockchain technology to optimise payment and treasury operations. It enables businesses to manage their liquidity with improved transparency, flexibility and efficiency.
In addition to celebrating the expansion of HSBC’s corporate cash management solution to Singapore, both sides also reflected on their long-running collaboration on tokenised deposits, which started in 2020.
As part of this collaboration, HSBC and Ant International piloted blockchain-based settlement on the latter’s next-gen treasury management solution, the Whale platform. After the pilot, HSBC adapted the learnings from its joint innovation with Ant International into the design of the Tokenised Deposit Service.
With the commercial launch now underway, Ant International became the pioneer client to use the service, successfully completing an instant intra-group fund transfer via its Whale platform, by digitising its USD deposits with HSBC into digital tokens on the bank’s secure distributed ledger. With the expansion of the service to Singapore, Ant International can now conduct transfers in SGD, HKD and USD between its Hong Kong and Singapore accounts.
Looking ahead, both companies will continue to explore new use cases for tokenisation and digital money, including real-time payments and treasury management. Through their participation in the Monetary Authority of Singapore’s Project Guardian, both HSBC and Ant International will also support broader industry adoption of tokenisation in Singapore, particularly within the Payment FX workstream.
As the leader of the Industry Group for the Payment FX workstream, Ant International has developed a use case for global treasury management, leveraging its blockchain-based Whale platform for real-time multi-currency transactions through its treasury centre in Singapore.
With the successful launch of the Tokenised Deposit solutions in Singapore, we look forward to deepening our collaboration with HSBC under Project Guardian and beyond, as we continue to enhance our Whale platform and explore more applications for digital assets.
