On Thursday, HSBC Holdings announced a blockchain -backed banking move in Hong Kong. The bank said its Tokanized Deposit Service is now available for corporate clients based in Hong Kong. This is the first bank -led blockchain payment system to be introduced in the region. According to the bank, HSBC clients with corporate wallets will be able to take immediate US dollar on HKD transactions with this “always” service. The move is associated with the pair of the project, a roadmap to search for the tokens market supervised by the Hong Kong Monetary Authority (HKMA).
The bank said on Thursday that the Tokanized Deposit Service was built on HSBC’s proprietary network and technologies. Although the move will introduce Hong Kong’s financial ecosystem for blockchain technology, HSBC expects to improve its digital money capabilities with the project.
“Tokinted deposits, when supported by regulated financial institutions, said,” said Lewis Sun, the global head of HSBC’s domestic and emerging payments and global payments, “said Lewis Sun. “This service sets a new standard for performance and innovation in digital money solution for corporates.”
The announcement states that ANT International, a fantasy firm based in Singapore, was the first corporate to use the Tokins Deposit Service. Using the service, ANT International completed the immediate deposit of the Tokinized assets between its clients using HSBC service.
The bank said, “ANT International improves transparency, flexibility and performance in its liquidity management, launched by its internal World Treasury Management Platform – Wheel Platform.”
This is the first direct pilot move and is being monitored by the HKMA supervisory incubator for the distributed Ledger Technology (DLT). Through this service, HSBC expects that blockchain technology will prove the potential improvement in traditional financial infrastructure.
The HSBC says it has completed issues of using several proof off concept (POC) under the project pair.
Hong Kong is also encouraging banks to experience with blockchain technology. To monitor these trials, HKMA established a supervisory incubator in January.
Last November, ZA, the largest digital bank in Hong Kong, also announced direct crypto services for its retail clients.
Hong Kong has set up a sub -committee dedicated to the comprehensive crypto rules to rule development.
