The financial conglomerate HSBC has announced the launch of the first blockchain settlement system in Hong Kong, developed in collaboration with Ant International, a subsidiary of Alibaba Group Holding. According to local media, the new technology allows for payments in Hong Kong and US dollars.
This is reported by Finway
The system operates based on a tokenized deposit program that converts traditional bank deposits into digital tokens. This will facilitate fast and secure transactions, including reducing transaction costs and speeding up payment processing compared to the traditional banking system.
According to HSBC representative Lewis Sun, “the new infrastructure will reduce transaction costs and accelerate payment processing.”
Additionally, pilot testing of the service on the Whale blockchain platform has already been conducted. HSBC intends to scale the new system to other Asian and European markets in the second half of 2025, as well as expand the use of digital currency to support transactions.
It is worth noting that HSBC previously also conducted the tokenization of gold for retail investors in Hong Kong.