HSBC Announces Launch of Tokenized Deposit-Based Corporate Treasury Management Solution in Hong Kong
On May 22, 2025, HSBC announced the official launch of its first tokenized deposit-based corporate treasury management solution in Hong Kong. This marks the first blockchain settlement service offered by a bank in the region, allowing corporate users to conduct instant settlement transactions in Hong Kong dollars and US dollars around the clock, representing a significant step forward in corporate digital treasury management.
Instant Intercompany Wallet Transfers Break Traditional Settlement Limitations
HSBC stated that the newly launched tokenized deposit service enables enterprises to conduct instant transfers in Hong Kong dollars or US dollars between different subsidiaries without being restricted by banking hours. This functionality not only greatly enhances the efficiency of corporate cash flow but also increases the flexibility and transparency of treasury management.
The infrastructure is built on HSBC’s proprietary private blockchain, laying the groundwork for future support of more digital currencies and tokenized application scenarios, and it can eventually connect with various applications, including the Ensemble project led by the Hong Kong Monetary Authority (HKMA).
Ant International First to Connect! Whale Platform Successfully Completes Real-Time Payment Transactions
As the first company to connect to this solution, Ant International successfully completed real-time payment transactions through its treasury platform “Whale.” After the deposits between its internal subsidiaries were tokenized, commands were sent directly to HSBC from the Whale platform to complete the fund allocation, making the entire process automated, transparent, and instantaneous, significantly enhancing fund utilization efficiency.
The General Manager of Technology at Ant International, Li Yue, stated that this collaboration represents another important advancement following both parties’ participation in the Ensemble project testing, emphasizing that tokenization will be “the key to connecting the stability of traditional banks with the efficiency of blockchain.”
HSBC Continues to Expand Tokenization Applications from Ensemble Experimental Results
HSBC and Ant International had already conducted cross-bank testing transactions in Hong Kong dollars under the HKMA’s Ensemble sandbox program in October 2024, verifying the instant cross-bank clearing capability of tokenized deposits.
Sun Lei, Global Director of Local and Innovative Payment Products at HSBC Global Payments Solutions, pointed out: “Tokenized deposits can provide enterprises with a secure and compliant digital payment method within a regulated financial framework, helping to enhance overall market efficiency.”
He added that this innovative technology could be promoted to more markets, leveraging the advantages of instant settlement and programmable cash flow, thereby bringing about richer application scenarios.
HSBC Takes the Lead in Pilot Program with HKMA’s DLT Incubator
This new service also becomes the first pilot program of the Hong Kong Monetary Authority’s Distributed Ledger Technology (DLT) regulatory incubator, where HSBC will test and refine the feasibility and compliance mechanisms of tokenized deposits on this platform.
Currently, HSBC has completed several proof-of-concept (POC) use cases within the Ensemble project, including the conversion between tokenized deposits and digital assets, as well as tests for cross-chain transfers to different financial institutions, demonstrating its technical maturity and potential for innovation.
Led by the HKMA, the Ensemble project aims to create an innovative financial infrastructure platform to position Hong Kong as a global leader in tokenized finance. The platform’s core is to achieve instant tokenized fund settlement between banks through wholesale central bank digital currency (wCBDC).
HSBC’s leading role in this project reflects its proactive embrace of tokenization and blockchain technology, paving the way for the future transformation of Hong Kong’s financial market.
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