CONNECT WITH US
Fintech

Fintech

Ant International and HSBC Extend Tokenised Deposits to Middle East

The Fintech Times logo

Published on

Add as a preferred source on Google
Ant International and HSBC Extend Tokenised Deposits to Middle East

The two corridors tested were intra-UAE dirham transfers executed in real time within the UAE, and cross-border US dollar payments initiated from the UAE and settled with counterparties in Hong Kong and Singapore. Both sets of transactions were initiated through WhaleRTP, Ant International’s proprietary blockchain-based treasury platform, and executed via HSBC’s TDS. The workflow was jointly designed by both institutions.

WhaleRTP is not a new product. Ant International has operated blockchain-based treasury infrastructure since 2019, deploying it across major financial centres including Hong Kong, Singapore, Europe and the United States. The platform is currently connected to more than 20 global banking partners and handles real-time transfers in over 17 currencies, including the US dollar, Hong Kong dollar and UAE dirham. The Middle East expansion represents a geographic extension of an established operational layer rather than a greenfield technology deployment.

HSBC’s TDS, meanwhile, is now live in six markets: Hong Kong, Singapore, Luxembourg, the UK, the United States and the UAE. It supports seven currencies, including the Chinese offshore renminbi, euro, pound sterling and dirham. Kyle Boag, HSBC’s regional head of global payments solutions for the MENAT region, said the service demonstrates “interoperability between tokenised deposit networks,” adding that for corporate clients the practical benefit is the ability to move liquidity across markets and financial institutions with improved cash visibility.

Kelvin Li , general manager of platform tech and senior vice president at Ant International, framed the move as a step toward establishing “a global treasury hub in the Middle East,” a commercially significant ambition given the region’s growing role in cross-border trade and digital finance investment.


Source link
Related Topics:Fintech

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We TheMorningPulse.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It's possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.