HSBC launches cross-border tokenized deposit service

HSBC Holdings has launched a tokenized deposit service to support secure cross-border transfers for its corporate clients. According to a statement released on September 22nd, the British bank completed the first cross-border US dollar transaction between Hong Kong and Singapore this month using blockchain technology. HSBC stated that this cross-border transaction builds on its existing domestic payment product, which launched earlier this year in Hong Kong and Singapore and subsequently expanded to the UK and Luxembourg to support additional currencies, including the British pound and the euro.