Ant International and HSBC Complete UAE Token Payment Pilot

The pilot included intra-UAE dirham transfers and cross-border US dollar payments from the UAE to markets such as Hong Kong and Singapore, according to Ant International's announcement on October 6.

How the Token Payment Pilot Works

Ant International processed the transactions through WhaleRTP, its blockchain-based platform designed for real-time treasury management.

HSBC executed the transactions using its Tokenised Deposit Service, which represents traditional bank deposits as digital tokens. The technology is designed to support faster domestic and cross-border transfers.

Ant International became HSBC's first client in the Middle East to use the Tokenised Deposit Service, according to the companies.

The service is currently live across several markets, including the UAE, Hong Kong, Singapore, the UK, the US and Luxembourg.

Why It Matters

The pilot highlights the growing use of tokenised deposits and blockchain technology for institutional payments and treasury operations.

For businesses operating across multiple markets, token-based payment infrastructure could help make cross-border treasury transactions more efficient while maintaining the underlying banking relationship.

The development also comes as the UAE continues to establish a regulatory framework for payment token services. Other financial institutions, including JPMorgan, have also developed bank-backed deposit tokens for institutional payment and treasury use.

About Ant International

Ant International is a Singapore-headquartered fintech company that provides payment, digital financial and treasury solutions for businesses operating across international markets.

The company develops technology designed to help businesses manage cross-border payments, collections and treasury operations.

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