HSBC Hong Kong Launches Enterprise-Level Tokenized Deposit Service in Collaboration with Ant International for Real-Time Settlement
HSBC Announces Launch of First 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 local banking industry’s first blockchain settlement service, allowing corporate users to conduct real-time settlement transactions in Hong Kong dollars and US dollars around the clock, representing a significant step forward in digital treasury management for businesses.
Instant Transfers Between Corporate Wallets Break Traditional Settlement Limitations
HSBC noted that the newly launched tokenized deposit service enables companies to conduct instant transfers in Hong Kong dollars or US dollars between different subsidiaries without being restricted by bank operating hours. This feature significantly enhances the efficiency of corporate cash flow and provides greater flexibility and transparency in 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, with potential connections to various applications including the Ensemble project led by the Hong Kong Monetary Authority (HKMA).
Ant International Takes the Lead! Whale Platform Successfully Completes Real-Time Payment Transaction
As the first enterprise to adopt this solution, Ant International successfully completed real-time payment transactions through its treasury platform “Whale.” After tokenizing deposits between its internal subsidiaries, the Whale platform directly issued instructions to HSBC to complete the fund transfer, making the entire process automated, transparent, and instantaneous, significantly improving the efficiency of fund utilization.
Li Yue, General Manager of Technology at Ant International, stated that this collaboration represents another important advancement following the testing of the Ensemble project, emphasizing that tokenization will be “the key to connecting the stability of traditional banks with the efficiency of blockchain.”
Building on Ensemble Experiment Results, HSBC Continues to Expand Tokenized Applications
HSBC and Ant International had already conducted interbank testing transactions in Hong Kong dollars within the HKMA’s Ensemble sandbox program as early as October 2024, validating the real-time interbank clearing capabilities of tokenized deposits.
Sun Lei, Global Director of Local and Innovative Payment Products at HSBC Global Payments Solutions, pointed out that “tokenized deposits can provide enterprises with secure and compliant digital payment methods 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, leading to richer application scenarios.
Leading Pilot with HKMA’s DLT Incubator
This new service also becomes the first pilot program for the Hong Kong Monetary Authority’s Distributed Ledger Technology (DLT) regulatory incubator, with HSBC testing and refining the feasibility and compliance mechanisms for tokenized deposits within 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 innovative potential.
Led by the Hong Kong Monetary Authority, the Ensemble project aims to build an innovative financial infrastructure platform, positioning Hong Kong as a leading global tokenized financial center. HSBC’s leading role in this project demonstrates 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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