On Thursday, Ant International, a Singapore-based company announced that it is working with HSBC on a new tokenized deposit service in Hong Kong.
Ant International said the new service will help businesses manage their money better by allowing instant, 24/7 payments in Hong Kong dollars (HKD) and US dollars (USD) between company wallets at HSBC Hong Kong.
This is the first time a bank in Hong Kong has launched a payment service that uses blockchain technology to settle transactions.
The launch happened after HSBC and Ant International successfully tested the service on Ant’s Whale platform. This platform has been working with banks to offer blockchain-based payments and tokenized deposit solutions.
After the test run, HSBC used what it learned to create its new tokenized deposit service, and Ant International became the first customer to use it.
Ant International was the first to use the new tokenized deposit service and has already completed a fast money transfer between its company accounts using the service.
Ant International made the transfer using its Whale platform, which helps manage company funds worldwide. It turned its US dollar deposits at HSBC into digital tokens utilizing the bank’s secure blockchain system.
The Whale platform is a key product created by the tech team at Ant International’s embedded finance business. It’s a modern tool for managing company funds using blockchain, advanced encryption, and AI.
This platform helps Ant International move money more efficiently and clearly between its company branches worldwide, allowing real-time management of its global finances.
In 2024, over one-third of An International’s transactions were handled using blockchain through the Whale platform.
The Whale platform works with tokenized assets from top banks and institutions worldwide. It also allows different blockchain networks to connect and work together smoothly.
The Whale platform uses advanced technologies to keep transaction information safe and private. It encrypts data and allows multiple parties to check transactions without seeing the details, making sure cross-chain transactions are secure, private, and smooth.
Ant International has been working with HSBC since 2020, and their new project on tokenized deposits is a part of this ongoing partnership.
“We are very excited to work with an industry leader like HSBC, who believes that tokenization is the key to bridging the stability of traditional banking with the efficiency of blockchain to enable real-time treasury management,” said Kelvin Li, General Manager of Platform Tech at Ant International.
“As a technology partner in the quickly changing financial world, we are growing our work with banks from tokenization to new projects using AI for global currency exchange and managing money.”
“We look forward to working with more public and private-sector partners to unlock more transparent, accessible, and efficient treasury management solutions for businesses worldwide,” he added.
Ant International is a global company based in Singapore. It works mainly in Asia, Europe, the Middle East, and Latin America, providing digital payment services and financial technology solutions.
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