Banking giant HSBC conducted a test study on tokenized deposits together with financial technology giant Ant Group.
In the study conducted with the approval of Hong Kong’s central bank, HKMA, issuance and transfer of deposit tokens Tests were carried out regarding.
Thanks to tokenized deposits, institutions with accounts at HSBC can transfer funds between their accounts in real time. This can enable corporate treasuries to be managed more effectively.
During the test run, HSBC connected to the blockchain platform developed by Ant Group. The platform, which is also supported by Ant Group’s partners in the banking sector, allows treasury funds to at lower cost enables transfer.
HSBC has been supporting Ant Group’s blockchain solution developed for real-time treasury management since 2020. The platform, which supports HKD, CNY, USD, GBP and EUR currencies, makes it easier to make global treasury payments.
Vincent Lau, one of HSBC’s global executives, commented on the study: “As HSBC, we will continue to use tokenized deposits and other financial innovations to optimize treasury management on behalf of our customers.” said.