Through the help of Ant Group’s financial partners, HSBC was linked to Ant Group’s blockchain platform during the test.
Together with big Chinese bank Ant Group, established by Jack Ma, HSBC participated in a sandbox organized by the Hong Kong Monetary Authority to explore the usage of tokenized deposits from issue to transfer to redemption.
The banks lead an effort to examine how deposit tokenization may make it possible for a company’s treasury funds to be transferred instantly and reliably across its many HSBC accounts.
Through the help of Ant Group’s financial partners, HSBC was linked to Ant Group’s blockchain platform during the test. HSBC said in a statement sent to Cointelegraph that the pilot program included token creation, token transfers, and token payments.
When banking partners of Ant Group are involved, treasury money transfers benefit from faster processing, lower costs, and more transparency. HSBC’s Global Head of Emerging Payments, Global Payments Solutions, Vincent Lau, has reiterated the bank’s commitment to exploring further opportunities to simplify and improve client treasury management via the use of tokenized deposits and other financial innovations.
HSBC has also been an integral component of other CBDC efforts, such as the Swift cross-border CBDC program Project mBridge.
It is said that HSBC launched its first coin services in June 2023. The CSOP Bitcoin Futures ETF, CSOP Ethereum Futures ETF, and the Samsung Bitcoin Futures Active ETF are all exchange-traded funds (ETFs) that are expected to be offered by HSBC, according to the article.
Also Read: Solana Launches Nodes On AWS
Wallets