The Hongkong and Shanghai Banking Corporation said it has successfully tested the use of tokenized deposits in intra-group payment transactions together with Ant Group.
The test was conducted in the Hong Kong Monetary Authority's FinTech Supervisory Sandbox, covering the issuance, transfer and redemption of deposit tokens.
The initiative is believed to help the industry to continue to explore the use of blockchain and tokenization to promote efficiency and innovation in corporate treasury management.
HSBC said that the test exemplifies cutting-edge banking capabilities available in Hong Kong as a corporate treasury hub and will continue to leverage tokenized deposits and other financial innovations to streamline and optimize treasury management for their clients.
Ant Group said in a statement that "blockchain and Web3 technologies are enabling the digitalization of industry collaborations and innovations on value movement, significantly improving the efficiency on liquidity and corporate treasury management."
