Hong Kong has witnessed a pioneering advancement in financial technology with Ant International becoming the first corporate client to employ HSBC’s new tokenized deposit service. This milestone represents a significant step towards integrating blockchain into traditional finance within the region. The service allows for real-time, 24/7 cross-border payments between corporate accounts using tokenized deposits on a blockchain ledger, streamlining fund management significantly and enhancing efficiency. This initiative follows successful pilot testing of the service on Ant International’s Whale platform. It marks Hong Kong’s first blockchain-based settlement service launched by a commercial bank, reflecting the ongoing innovation within the city’s financial landscape. This collaboration between Ant International and HSBC dates back to 2020, expanding their partnership beyond initial efforts in interbank transfer testing under the Hong Kong Monetary Authority’s ‘Ensemble Sandbox’ program last year.