According to a report by Business News Asia on May 24, Deep Tide TechFlow news states that Ant International has become the first corporate client to use HSBC’s newly launched tokenized deposit service in Hong Kong, marking an important milestone for the city in integrating blockchain technology into TradFi.
The service enables real-time payments of Hong Kong dollars and US dollars between corporate accounts around the clock through tokenized deposits on the blockchain ledger, significantly improving cross-border fund management operations. This service was launched after a successful pilot on Ant Group’s proprietary Whale platform and is the first blockchain-based settlement service in Hong Kong led by a commercial bank.
Ant International completed its first internal fund transfer by converting US dollar deposits into digital tokens on HSBC’s distributed ledger system. The Whale platform, developed by Ant International’s platform technology team, integrates Blockchain, artificial intelligence, and advanced encryption technologies. By 2024, more than one-third of Ant International’s fund transfers will be executed on-chain through this platform.
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