HSBC Holdings Launches Cross-Border Tokenization Deposit Service

BlockBeats News, September 22, HSBC Holdings has launched a tokenized deposit service to support its corporate clients in securely conducting cross-border transfers. According to a statement released on September 22, the UK bank this month completed its first cross-border USD transaction between Hong Kong and Singapore using blockchain technology.

HSBC stated that this cross-border transaction was built on top of its existing domestic payment product, which was introduced earlier this year in Hong Kong and Singapore and later expanded to the UK and Luxembourg to support other currencies including GBP and EUR.