HSBC said its token deposit program can convert traditional digital tokens bank deposits on a blockchain platform. Consequently, payments through service have the potential to cost less and take less time than traditional banking systems, according to Lewis Sun, the world chief of national and emerging HSBC payments for global payment solutions.
The tokenized deposit infrastructure would allow companies to make real -time payments from Hong Kong and US and transfer between HSBC Hong Kong portfolios 24 hours a day, HSBC said.
The demand was currently limited to the use in Hong Kong and would expand towards the Asian and European markets in the second half of the year, he said.
“Tokenized deposits, when supported by regulated financial institutions, can offer a safe and fully compliant approach to improve payments and management of species for (businesses),” said Sun.
“Hong Kong is an international financial center committed to stimulating innovation of digital money. This service establishes a new reference for efficiency and innovation in digital money solutions for (companies). ”
Ant International, an affiliate of Alibaba Group Holding, owner of the post, was the first customer to finish a transfer of instant funds using the tokénisation of deposit.
