HSBC Launches Hong Kong’s First Blockchain Settlement Service with Tokenized Deposits, Ant International First Transaction, Plans Asia-Europe Expansion

HSBC Holdings, Europe’s largest bank, has launched Hong Kong’s first blockchain-based settlement service utilizing tokenized deposits technology. The platform enables real-time payments in both Hong Kong dollars (HKD) and US dollars (USD) and is designed to facilitate more efficient and secure transactions for corporate clients. Ant International, a subsidiary of Alibaba Group, completed the first transaction on this new service. The initiative is backed by the Hong Kong Monetary Authority and is planned to expand across Asia and Europe by the end of 2025. Separately, BNP Paribas Asset Management, France’s largest bank, announced the launch of natively tokenized money market fund shares valued at $680 billion to test cross-border transactions using Distributed Ledger Technology (DLT). Additionally, the Qatar Financial Centre is set to tokenize real estate assets, starting with towers valued at over $500 million.

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