HSBC has launched Hong Kong The first settlement service that uses Blockchain technology. It converts regular banking deposits into digital symbols. This means that companies can transfer money almost immediately.
Payments may cost less and occur faster than traditional systems, according to Luis Sun, head of local and emerging payments at HSBC for global payments.
Distinguished deposit program
Based on reports, HSBC’s A new deposit program It allows companies to switch regular deposits of symbols on the Blockchain platform. Companies in dollars reserve the bank’s public budget, but they can send and receive them like digital currencies.
Sun says this approach can cut the additional fees and delay. It also helps to track each batch on the chain, so companies know where their money is at all times.
HSBC launches the first Blockchain settlement service in Hong Kong
HSBC appeared for the first time on a Blockchain -based settlement platform using HKD and USD deposits, with Ant International completed the first treatment.
The service will expand all over Asia and Europe later this year … pic.twitter.com/wnmqs7owa
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Payments around the clock
according to HSBCThe service operates 24 hours a day. Corporate customers can send Hong Kong and US dollar between HSBC Hong Kong wallets at any time.
This is a major change in standard banking services, as transportation operations overnight or on weekends. The actual time transportation means that the treasury secretary can quickly interact with market movements or urgent needs.
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Pilot with Ant International
Ant International, a subsidiary of the Alibaba Group Holding Group, was the first system to test the system. HSBC said he used the anti -whale platform to transfer money immediately. After that, the pilot in May, the bank adopted these lessons in its direct service.
Kelvin Lee, General Manager of Platform Tech at Ant International, released a bridge between traditional banking services and Blockchain. He added that the project aims to make the treasury work more transparent and effective.
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Organizational support and expansion
The HSBC program is supported by the Hong Kong Cash Incubator for the Distributed Professor Book Technology. The bank is one of the many trials that manage the concept in the framework of the distinguished symbol for HKMA.
In August, HKMA created the digital bank test system. Six companies, including HSBC, started experimenting with a symbolic funds for digital asset deals.
Hong Kong click Blockchain
The move pushed Hong Kong closer to Blockchain settlements between banks. HSBC plans to expand its service to the Asian and European markets in the second half of 2025.
The new system may turn the way large companies deal with criticism. They will not have to wait until the opening time or hit on unexpected charges. Expressive information about each batch is translated into clearer views of the day throughout the day.
But the project also comes with challenges. Companies must update their background offices so that they can interact with symbols. Blockchain platforms must remain safe from interventions or technical defects.
HSBC is the largest bank in Europe by assets, according to the last classification of the 50 European lender published by S& P Global Market Intelligence.
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