TechFlow news, May 24 — According to Business News Asia, Ant International has become the first corporate client to use HSBC's newly launched tokenized deposit service in Hong Kong, marking a significant milestone in the city's integration of blockchain technology into traditional finance.
The service enables real-time, 24/7 payments in Hong Kong dollars and US dollars between corporate accounts through tokenized deposits on a blockchain ledger, significantly improving cross-border cash management operations. Launched following a successful pilot on Ant International's proprietary Whale platform, this is the first blockchain-based settlement service led by a commercial bank in Hong Kong.
Ant International completed its first intra-group fund transfer by converting US dollar deposits into digital tokens on HSBC's distributed ledger system. Developed by Ant International's platform technology team, the Whale platform integrates blockchain, artificial intelligence, and advanced encryption technologies. In 2024, over one-third of Ant International's fund transfers were executed on-chain via this platform.
