Standard Chartered Hong Kong has partnered with Ant Group to launch a Tokenized Deposit Service.

BlockBeats News, December 18th, according to the Hong Kong Economic Times, Standard Chartered Bank (Hong Kong) and Ant Group have, under the Distributed Ledger Technology Regulatory Sandbox of the Hong Kong Monetary Authority and the Ensemble project framework, tokenized Ant Group's Hong Kong dollar, Chinese yuan, and US dollar accounts through Ant Group's blockchain financial asset management platform "Whale Platform."

The tokenization solution, as reported, was jointly developed by both parties, allowing Ant Group's business entities to adopt a new financial asset management model, accelerate the transition to a new financial asset management model, and achieve 24/7 real-time transfer of Hong Kong dollar, Chinese yuan, and US dollar funds.

Mahesh Kini, Global Head of Standard Chartered's Cash Management Business, stated that as corporate reliance on real-time liquidity increases, the market's demand for real-time and 24/7 financial asset management is rapidly growing.