HSBC Launches Blockchain-Based Deposit Tokenization Service

Doohyun Hwang

Summary

HSBC announced the launch of a blockchain-based deposit tokenization service in Hong Kong.
With this service, customers can transfer Hong Kong and US dollars in real-time and transfer funds 24/7.
HSBC stated that this service will enhance corporate fund management efficiency by offering cost savings and faster processing speeds.

*Photo=Nor Sham Soyod / Shutterstock.com*

HSBC has launched Hong Kong's first blockchain-based deposit tokenization service.

According to the South China Morning Post (SCMP) on the 22nd (local time), the deposit tokenization service launched by HSBC converts traditional bank deposits into digital tokens on the blockchain, enabling fast and secure payment processing.

HSBC stated, "Through the deposit tokenization service, customers can transfer Hong Kong and US dollars in real-time and transfer funds between HSBC wallets in Hong Kong 24/7." They added, "Deposit tokenization can offer lower costs and faster speeds than existing systems and will be a new means to maximize corporate fund management efficiency while complying with regulations."

This service is initially limited to Hong Kong and is expected to expand to Asia and Europe in the second half of this year.