HSBC Starts Tokenized Deposits to Move Currencies Across Borders

HSBC Holdings Plc has started a tokenized deposit service that would allow its corporate clients to securely move currencies across borders.

Using blockchain technology, the British lender this month completed its first cross-border US dollar transaction between Hong Kong and Singapore for Ant International, according to a statement on Monday.

The cross-border transaction builds on an existing product already available at the lender for domestic payments, which was launched first in Hong Kong and Singapore earlier this year and has been expanded to the UK and Luxembourg to support other currencies including the pound and euro, HSBC said.

Tokenization, or ...