Ant International becomes first corporate client in Hong Kong to use HSBC’s tokenized deposit service

According to Business News Asia, Ant International has become the first enterprise customer to use HSBC's newly launched tokenized deposit service in Hong Kong, marking a significant milestone in integrating blockchain technology into traditional finance. The service enables real-time, round-the-clock payments of Hong Kong dollars and US dollars between corporate accounts through tokenized deposits on a blockchain ledger, significantly improving cross-border capital management operations. Launched after a successful pilot on Ant's proprietary Whale platform, this is Hong Kong's first blockchain-based settlement service led by a commercial bank. Ant International completed its first intra-group 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, with over one-third of Ant International's fund transfers to be executed on-chain in 2024.