HSBC tests tokenised deposit platform for global treasury payments
The initiative aims to explore the potentials of deposit tokenisation in enabling always-on, real-time treasury fund movement between accounts held by a corporate within the HSBC network.
Conducted under the Hong Kong Monetary Authority's Fintech Supervisory Sandbox arrangement, the test encompassed the issuance, transfer, and redemption of deposit tokens.
During the test, HSBC was connected to the blockchain platform developed by Ant Group.
It facilitates payments across global treasury centres, supporting major currencies including HKD, CNY, USD, GBP, and EUR.
Vincent Lau, global head of emerging payments, global payments solutions, HSBC, says: “The test exemplifies cutting-edge banking capabilities available in Hong Kong as a corporate treasury hub. At HSBC, we will continue to leverage tokenised deposit and other financial innovations to streamline and optimise treasury management for our clients.”
HSBC has previously participated in a number of successful CBDC pilots, including Project mBridge, which utilised CBDCs for cross-border wholesale transactions, as well as a cross-border CBDC payment orchestration pilot organised by Swift.
