HSBC Launches First Hong Kong Blockchain Settlement Service
- HSBC introduces blockchain service for real-time payments in Hong Kong.
- Tokenized deposits support 24/7 transactions.
- Plans for expansion to Asian and European markets by 2025.
HSBC has introduced Hong Kong’s first blockchain settlement service, enabling real-time corporate payments and transfers.
The service marks a crucial step in blockchain payment integration, signaling a shift in traditional banking and aligning with Hong Kong’s digital finance goals.
HSBC Launches 24/7 Blockchain Payment Service
HSBC has launched a groundbreaking blockchain-based settlement service in Hong Kong. This service offers real-time corporate payments and transfers operating 24/7.
Involving Ant International as the first client, the service employs tokenized deposits, ensuring efficiency and compliance. The initiative was piloted on Ant’s Whale platform.
Banking Industry Applauds HSBC’s Blockchain Move
The banking industry sees this launch as a step towards modernization. The service aims to reduce transaction times and costs, broadening blockchain adoption.
This initiative supports treasury management enhancement in Hong Kong, demonstrating a commitment to digital financial innovation and paving the way for further expansion.
Visa and Mastercard Lead Blockchain Shift
Similar initiatives by Visa and Mastercard show a growing trend. The shift to blockchain in finance is gaining momentum, with regulated banking adapting to technology.
Experts predict increased blockchain adoption in banking. This move signals potential changes in global treasury management, encouraging more institutions to explore blockchain solutions.
“Tokenised deposits, when supported by regulated financial institutions, can offer a safe and fully compliant approach to improving payments and cash management for companies. Hong Kong is an international financial centre committed to driving digital money innovation. This service sets a new benchmark for efficiency and innovation in digital money solutions for companies” — Lewis Sun, Global Head of Domestic and Emerging Payments, HSBC Holdings
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