HSBC & Ant International Launch Cross-Border Tokenized Transfers

HSBC & Ant International Launch Cross-Border Tokenized Transfers
HSBC has achieved a significant milestone in the realm of global finance by launching cross-border tokenized deposits. This groundbreaking service aims to provide corporate clients with an unparalleled level of speed and efficiency for international settlements, ensuring transactions can occur virtually anytime, anywhere. This initiative represents a profound evolution in transaction banking, moving towards an always-on financial ecosystem. The banking giant successfully executed its inaugural US dollar transfer between Hong Kong and Singapore in September, with Ant International serving as its pioneering customer. This initial success has paved the way for a broader rollout, expanding the service beyond domestic payments in Hong Kong and Singapore to key financial hubs like the UK and Luxembourg. The service now supports a range of major currencies, including the British pound, the euro, and the US dollar, with ambitious plans for further expansion into more of HSBC’s global markets. A…